Bitcoin’s First Test of the 50 Day SMA in 111 Days!

Bitcoin’s First Test of the 50 Day SMA in 111 Days!

Today we have touched the 50 day sma for the first time in 111 days. In this time the 50 is a 270% gain. So far we have support, but there is a good chance that it will fail within the next few days. That might be scary in the short term, but I strongly believe that we’ll find our low at the 100 day sma. In a bull market I would expect that to be the bottom. Then we start in on a period of consolidation followed by a continuation of our bull trend. The altcoin market is staying pretty level since Ethereum is showing so much strength getting ready to retest the 200 week moving average soon. This could be an explosive move if we can break that line. Other alts are mixed. On average the micro caps are slowly climbing upward, but bitcoin dominance is mainly being carried by Ethereum. I’m really looking forward to another solid day for alts within the next few days. If we don’t get another push on alts, they risk falling apart. Many are in great shape, but the ones that are starting to lose their recent highs are at risk.

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