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Bitcoin – Outside Bar at the 100-Day SMA
Bitcoin has been falling in July, rom about 658 to about 555 before meeting the 100-day simple moving average. Here are some observations from the Daily Chart: 1) From the daily chart, we can see that price crossed above the 100-day SMA in June, and is testing it for the first time since then as support. 2) We should also note the general support area around the 550 area. 3) Furthermore, the daily RSI has tagged 30, which represented oversold condition unless the overall market was bearish. The overall market in the daily chart is sideways, with some bullish bias since it found support near 340 (2014-low) in April. ... (full story)