Chart of the Day: Is Bitcoin’s Long Slide Finally Ending?

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Bitcoin has been under pressure since early November, but now the top cryptocurrency may be showing signs of turning higher.

The first pattern on this chart is the 50-day simple moving average ( SMA ) with our Moving Average Speed custom script. This indicator shows the SMA’s rate of change . It helped flag bullish turns in July and October of 2020, plus July and August of 2021. Notice how it’s inched higher again during the last two months.

Second is the parallel channel along the highs of April and …

For more, please click here to view the related idea and chart analysis on TradingView.

Bitcoin (BTCUSD), daily chart with selected patterns and indicators, courtesy of TradingView.
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