Technical charts, especially the shape of the candles, often reflect the psychology behind the market, featuring the sentiment and behavior of the entrepreneur. Since Friday, at least two Bitcoin (BTC) candles (BTC) have indicated bullish undercurrents for months of lows, giving a glimmer of hope for crypto bullies.
The chart below shows that the BTC price decline has stopped the 200-day simple support level with average support since last Wednesday. The daily candle for Tuesday and Friday has a particular interest, as both have a small body with long lower wicks, indicating the bear failures below the 200-day SMA.
In other words, on the same day, the sellers first pushed the prices below the main average but failed to establish a foothold there, likely because consumers stepped to protect the support level.
Such candles appear after a well -known downtrend, in which case in BTC, has signed a potential reversal of bullish. Entrepreneurs generally see this as evidence of weakening of the sale of pressure that can be translated into a modified bullish phase.
Thus, the BTC can bounce back on the high week of nearly $ 95,000, above which entrepreneurs can re -set views on the $ 100,000 mark. On the flip side, a downside break of 200-day SMA can be deeper losses.
