- Bitcoin price still consolidates below the 200-week simple moving average.
- Ethereum price finds support on the 8-day simple moving average.
- Ripple price could be in jeopardy of a death cross event.
The cryptocurrency market is in a historical pivotal moment. One good trade could replenish all losses, while one bad trade could be catastrophic.
Bitcoin price has yet to decide
Bitcoin price is currently trading at $20,727. Investors will likely stay on the sidelines until the peer-to-peer digital currency can hurdle above the 200-week simple moving average (SMA), currently priced at $22,540.
Bitcoin price has yet to conquer bullish grounds on the Relative Strength Index and lacks volume to justify a valid uptrend. Thus, being an early bull could result in a catastrophic loss. Early bulls should keep their invalidation level above the 200-week moving average to avoid being pulled into a time-consuming consolidation.
The earliest clue to invalidate the bearish trend will be to breach and close above $23,000. If this bullish event occurs, the bulls should have enough strength to rally towards $31,000, resulting in a 55% increase from the current Bitcoin price.
BTC/USDT 1-Day Chart
