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FX攻略
07/23/2018 03:11
Release： 07/23/2018 03:11
Update： 04/08/2021 02:35
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[Cryptocurrency] Simple analysis with classic technicals!
FX攻略.com editorial staff members attempt chart analysis of various cryptocurrencies using three moving averages. If you want to read others' market perspectives or learn technical analysis, please give it a read.
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【BTCJPY】20-week moving average crossover indicates the start of an uptrend?

Bitcoin has been stagnant for a long time, but it may be approaching an important turning point.



The chart above is the weekly chart of Bitcoin against the yen. The blue 20-period simple moving average (20SMA) has acted as support or resistance about three times so far, and even after a complete breakout, the market trend changes—note this. And due to the strong rally continuing since last week, this week Bitcoin has finally jumped a little above the 20SMA.


There is no special effect tied to a specific moving average period, but patterns that have functioned repeatedly tend to be noticed by many participants, and often become the turning point of a market reversal. Pricewise, Bitcoin/JPY is currently around the 850,000 yen level, a reasonably round figure. If it can break strongly above this area, it could mark a renewed uptrend not seen since 2017.


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