Bitcoin Makes the Perfect Reversal at the 50 Weekly SMA, Cardano Bounces Off the 20 SMA
It seems like cryptocurrencies are resuming the bullish trend now, gaining confidence after every push higher. The upside momentum is not extremely strong as we are used to see, but the crash has ended and the crypto market still survives.
ADA/USD fell from $2.46 to $1.04, briefly piercing the 20 SMA (gray) 0n the weekly chart, retesting the lows this week again. But, the lows were higher, compared to previous lows, as shown on the chart above, which was an indication that the trend remained bullish nonetheless.
The 20 SMA wasn’t broken, since both weekly candlesticks closed way above it, so it stays as resistance. Now, ADA/USD has recovered around half the losses from last week, which means that buyers are back in charge.
Bitcoin bounces off the 50 SMA this week
In Bitcoin, we see that the 50 SMA (yellow) was the perfect place to buy this crash, as it turned into a great support indicator. This moving average held the enormous crash last week, as well as the retest this week, and now the price has bounced more than $10,000 above it. BITCOIN gains have been smaller than Cardano in relative terms, but this week’s candlestick looks quite bullish already, so things are looking up for Bitcoin as well.
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