Sign Emerges That Falling Bitcoin Price Just Might Have a Floor

Bitcoin (BTC) seems to have built a base around a key moving average in the last four months, although, so far, it has not been able to produce a definitive bullish breakout.

Throughout 2018, the leading cryptocurrency has set lower price highs, indicating the path of least resistance is to the downside.

Despite the bearish setup, the 21-month exponential moving average (EMA) has served as a strong floor since June. More importantly, the failure to beat the EMA support for four straight months indicates that the sell-off from the record high of $20,000 reached in December has likely run its course.

So, it seems safe to say that the stage has been set for the cryptocurrency to jump above the recent lower price high of $7,429 hit a month ago and confirm a bearish-to-bullish trend change.

Even so, the bulls have been reluctant to push prices north of $6,800 in the last two weeks. Still, since BTC tends to perform well in the last three months of the calendar year, that may be about…