Cryptocurrencies

A Bitcoin Breather is in Order

After quite the move over the past week the best thing we could see from Bitcoin is some consolidation and even some backing and filling would be fine.

Digestion is a Positive

Price get away a little and become overbought so if it can bounce around the 8,800 to 9,200 level for a few days it would be healthy and let the 10 period moving average catchup, which is what I like to use for a short-term gauge of over extension.

As you can see in the chart the 10 period has been left far behind and if you look back price always converges with it, whether it be a pause while the average catches up or a pullback to meet the average.

Either way it is an easy gauge to use to keep one from FOMO’ing on a crypto.

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