• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Moving Averages Will Be Key In Bitcoin’s Next Move, What Are The BTC Pullback Prices?

Martin Young by Martin Young
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
Moving Averages Will Be Key In Bitcoin’s Next Move, What Are The BTC Pullback Prices?
Advertisement

Nobody could have predicted what has happened to Bitcoin over the past month. A break past $4,200 was inevitable, but a surge past $8,000, doubling its price, has shocked the nascent crypto space. Where BTC goes next will be paramount and moving averages will play a big role as they have done before.

Correction is Coming

Markets always correct and now that the ice from the crypto winter has finally melted, investors and traders will be looking for new entry points. Technical indicators are all flashing over bought for Bitcoin at the moment. For the third day in a row BTC hit a new high for the year. Just a few hours ago during Asian trading Bitcoin touched $8,320 adding over 5 percent on the day.

Daily volume is still holding record levels at over $30 billion and the parabola has extended on Bitcoin charts. It has even become something of a joke on crypto twitter;

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Guys I hate to break it to you but the #bitcoin parabola is simply out of room.

We're going to have to attempt a warp jump through space and time to continue this.

Target $20k+, February 2019. pic.twitter.com/Vt9ppMTDEU

— moon (@MoonOverlord) May 16, 2019

As we know from previous market cycles this action cannot be sustained and Bitcoin will fall back, guaranteed. When it does there will be an influx of buyers loading up on what could be its lowest price for quite a while.

During the bull run of 2017 Bitcoin pulled back and tested the longer term moving averages several times. Long term trader ‘CryptoFibonacci’ has charted this showing the points where BTC returned to support at the MA levels; “Things will retrace and test the moving averages.  Count on it!”

$BTC Daily moving average Chart.

Things will retrace and test the moving averages. Count on it!#BTC #bitcoin pic.twitter.com/9uXf1huLdR

— CryptoFibonacci (@CryptoFib) May 16, 2019

Looking at the chart it is clear that a pullback from current levels will send Bitcoin back to around $6,400 on shorter term moving averages. If BTC retraces to longer term support zones it could go all the way back down to $5,500 at the 50 day or even $4,300 again at the 200 day.

These will form new support and buying zones and, now that the uptrend has been established, could well send Bitcoin back up into five figures again before the end of the year.

CNBC, who have made a name as counter trade indicator for crypto, has called for a pullback as charts continue skywards reminiscent of December 2017. Anthony Grisanti of GRZ Energy told the outlet;

“We had rallied above [key resistance] but then failed on two different occasions, [Bitcoin] has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.”

Renewed Optimism

The recent rally has renewed optimism and ‘hopium’ within the community with several big industry names have spoken out on Bitcoin’s movements and the end of the crypto winter. Gemini exchange co-founder Tyler Winklevoss stated;

“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning!”

Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it's only the bottom of the first inning! ??

— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

Market corrections are a natural thing and the number waiting for this one with fingers poised on the ‘buy’ button is growing.

Image from Shutterstock
Tags: bitcoinbtccorrection
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Blockchain is Finally Becoming What Was Promised

Blockchain is Finally Becoming What Was Promised

7 hours ago
Chainlink Paints Golden Cross as BlockFi Announces LINK Support

Chainlink Paints Golden Cross as BlockFi Announces LINK Support

10 hours ago
Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

11 hours ago
Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB

Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

12 hours ago
Upside Potential in NFTs is Massive Says Gary Vaynerchuk

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

17 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

18 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.