Hello!
Adam Back, one of my favorite OGs, tweeted that Bitcoin has already crossed the $40,000 mark in the 200 weekly moving average.
Why is this important?
Because the Weekly moving average has always gone up, since the beginning. You can see it in the chart below:
Some people consider that this is the Bitcoin floor price. The price of Bitcoin has just been below the 200 weekly moving average the past bull market, and this level acted as a support many times in the past.
In my opinion is one of the best ways to calculate the floor price for Bitcoin.
Today we are trading at $68,000 and we have been in a channel for a lot of months now. A price movement is imminent, the majority of crypto twitter believes that it will break upwards. Bitcoin is going to follow the 4 year cycle again? I believe so.
The last weekends have been boring, the price is not moving intra-day it looks really really stable. I can’t remember a time where the price has been so stable in a channel. I really hope the last 2 months of the year are more exciting pricewise. It feels good to hodl but sometimes it’s very boring.
Have a great weekend!
Posted Using InLeo Alpha