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Bitcoin pushes to DMA50, but will it have the energy for a decisive breakthrough?

  • BTC/USD is recovering from $6,400 support.
  • DMA200 needs to be taken out to reverse the trend. 

Bitcoin took off from $6,400 handle to trade at $6,440 at the time of writing. The largest digital asset by market value has been rangebound for more than a week with no sights of an upcoming breakthrough as of yet. 

From the technical point of view, BTC/USD has reached an important resistance level created by DMA50 (currently at $6,456). Once it is taken out, the recovery may gain traction with the ultimate bullish goal set at $6,800-$6,830 congestion zone that capped the upside since mid-September. 

However, to break the long-term bearish trend the price needs to clear psychological $7,000 and by far the most important $7,200, strengthened by DMA200. 

A move above this level will create a positive technical setup for further gains. According to Fundstrat's Tom Lee, Bitcoin trading generated positive returns in the following six months 80% of the time when Bitcoin trades above DMA200. 

BTC/USD, the daily chart


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Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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