The technical graphics, particularly the shape of the candlesticks, often reflect the psychology behind the market, highlighting the feeling and behavior of the merchant. Since Friday, at least two Bitcoin (BTC) candles have indicated bundle low currents in minimums of several months, providing a ray of hope for cryptographic bulls.
The table below shows that the decrease in the BTC price has stagnated at the 200 -day simple mobile average support level since last Wednesday. Daily candles for Tuesday and Friday are of particular interest, since both have small bodies with long and low wicks, hinting on the bearish failures below the 200 -day SMA.
In other words, in both days, sellers initially pushed prices below the key average, but failed to establish a support point there, probably because buyers intervene to protect the support level.
These candles that appear after a remarkable lower trend, which is the case in BTC, indicate a possible bullish investment. Merchants generally see it as evidence of weakening of the sales pressure that could translate into a renewed upward phase.
Then, BTC could recover to the fullest of Sunday of around $ 95,000, above which merchants can see the $ 100,000 brand again. On the other hand, a downward break of the 200 -day SMA could more losses.
