RATE Group | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average
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Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average

28 Sep Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average

Posted at 04:09h in Bitcoin News by

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The momentum behind Bitcoin price turned from bullish to bearish this week, when the crypto asset fell through the bottom of a triangle it had been trading inside, plummeting over 20% in value.

The force of the drop took Bitcoin price down far enough where it tested the 200-day moving average as support – a moving average that supported Bitcoin’s entire bull run during 2016 and 2017. But crypto investors’ worst fears have come true, and Bitcoin has now closed a daily candle below the important indicator.

Daily Candle Closes Below 200-Day MA, What’s That Mean for Bitcoin Price?

Moving averages are simply the average of a price within a particular timeframe. Certain moving averages are more effective than others as a trading signal, and typically the longer the timeframe on the moving average, the more significant it can act as support or resistance.

Take the 200-week moving average, for example. At Bitcoin’s bear market bottom, the nearly four-year term moving average acted…

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