Bitcoin (BTC) traded above its 200-day simple moving average at 44,847 on Sunday, Aug. 8. The weekly chart for BTC has been positive since the week of Aug. 1. If Bitcoin can stay above its 200-day, its monthly risky level is 63,863. If not, the downside risk is to its semiannual and quarterly pivots at 35,643 and 32,803.
From its June 22 low of 28,800, BTC is up 55.7% to its 200-day SMA. Its all-time intraday high is 64,899 was set during the week of April 18, 2021.
The Daily Chart for Bitcoin
Daily Chart for Bitcoin. Courtesy of Refinitiv Xenith.
Bitcoin confirmed a death cross on June 20 when its 50-day simple moving average fell below its 200-day simple moving average. It’s been above its 50-day SMA since July 26 and tested its 200-day SMA at 44,845 on August 8. Its 50-day SMA is now rising at 35,204.
Bitcoin is well above its annual value level, which is the lowest horizontal line at 18,830. Its monthly risky level is not attainable at the highest horizontal line at 63,863. If bitcoin stays below its 200-day SMA, the downside is back to its semiannual and quarterly pivots at 35,643 and 32,802.
The Weekly Chart for Bitcoin
Weekly Chart for Bitcoin. Courtesy of Refinitiv Xenith.
The weekly chart for bitcoin is positive with BTC above its five-week modified moving average at 38,620. It’s well above its 200-week simple moving average or reversion to the mean at 14,317. Its 12x3x3 weekly slow stochastic reading is rising at 28.45. It was oversold during the week of July 25.
Trading Strategy: Buy bitcoin on weakness to its semiannual and quarterly pivots at 35,643 and 32,803 and reduce holdings on strength to its monthly risky level at 63,863.
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