If yesterday/today's low holds for $BTC, I'm officially titling 2021 the year of the "50-day simple moving average".
Between the S&P 500, and now Bitcoin, it's like paying the average price over the last 50 days is the greatest entry the universe can offer you. pic.twitter.com/hmLgJkiRun
— Steve Deppe, CMT (@SJD10304) September 8, 2021
Today’s Chart of the Day was shared by Steve Deppe (@SJD10304). It’s a daily bar chart of Bitcoin over the past three months. Bitcoin tumbled as much as 18% in the past two days, however, buyers showed up at the 50-day moving average, keeping the uptrend intact for now. Steve jokes that 2021 is the year of the 50-day moving average because whether we’re talking about Stocks or Crypto, the 50-day moving average has been the one to watch recently. Take a look at how the S&P 500 has responded to its 50-day this year….it has successfully tested it about seven times. To be clear, this moving average won’t always act as support. But, it has done a great job of defining the intermediate-term trend and can help traders manage risk. Above the 50-day = the intermediate-term trend is bullish. Below the 50-day = the intermediate-term trend is bearish.