Crypto Market Analysis 5: Reading the Tea Leaves

Bitcoin Analysis

Bitcoin closed the month above the yearly pivot level of 26.7k which bullish for the year and continuing to hold this level will signal a move up to 36-40k in the coming months. Its best to look at the yearly pivot levels on a monthly basis for long-term direction as price can dip below this level on shorter time-frames.

Looking at the moving averages, using the 128 daily MA is a very good buy the dip strategy in an up-trend. Like I said in my previous update, Bitcoin can still test this moving average a number of times before it starts its next leg up so a dip to 26.2k is not out of the question before the next leg up.

Bullish Clues