Bitcoin: annual moving average at all-time high
BTC Annual Moving Average Approaching All-Time High.
Bitcoin has risen in price by 14% in a week.
Dominance level BTC growing on the eve of halving.
International consortium of news organizations, developing transparency standards.
This week was the most successful for the main cryptocurrencies since the beginning of this year. Stocks are up 17% since last weekend, beating traditional equities and commodities.
Annual moving average
Observers market and analysts point out that annual BTC moving average recovered after collapse in 2018 and approaching previous all-time highs.
This does not mean that myself bitcoin also goes for a record, but definitely serves as a bullish indicator.
As a result of the recent rally, Bitcoin crossed the long-term 200-day moving average. The last time this happened was in mid-January, when token least growth use cryptocurrencies appear new types of tokens. They are may personify value or something intangible, like, eg, vote. Two… More formed a large daily candle and moved up from $ 8900, forming a top at $ 10,400.
200- and 50-day moving averages have repeatedly appeared in quality levels support and resistance for time existence digital currency, and when the price located over both levels, this considered a positive signal.
On weekly charts a favorable picture is also observed – coin celebrated its seventh straight week of growth. The last time a similar situation was observed in March last year, before rising to $ 14,000. Also bitcoin traded over 200- and 50-week moving averages, and this yet one bullish factor.
Next important zone resistance located at $ 9700, but to confirm the bullish trend, the quotes need to exceed the level of $ 10,500. In the event of a falling BTC high can resume bearish move.
Dominance is on the rise
Recent rally such led to an increase in the level of dominance of bitcoin.
In the outgoing week, the level of dominance of BTC grew by 2%, to 66.5%. it means that the dominance of altcoins has decreased by the same amount, despite to the fact that they are also grew up in price.
Traders note bitcoin’s market share growth negatively affects altcoins. User Altcoin Sherpa [@AltcoinSherpa] links the rise in Bitcoin dominance to seasonal factors and emphasizes that the rate in recent years has been especially actively grows in summer. In this regard, the trader recommends closing positions on altcoins in June.
Recall that before the main event – the halving of bitcoin – there are Total ten days.
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