Prominent crypto expert and technical analyst Glenn Williams revealed a bullish crossover between 10 and 50-day moving averages that suggests Bitcoin price is about to extend its current upside momentum.
- Williams recently posted his technical overview of the Bitcoin price on CoinDesk, showing the 10 MA exceeding the 50 MA, indicating a solid bullish trend ahead. “A crossover of the 10- and 50-day moving averages has historically been a positive signal. However, BTC’s lack of volatility may interfere,” he stated.
- However, the signal is probably weakened by Bitcoin’s falling volatility over the past year. The “average real range” of BTC is nearly 70% lower than when the signal happened in March and October 2021 and is 41% lower than the recent crossover.
- Since June, the cryptocurrency has been trading constrainedly, making it difficult to spot significant up or down-movement indications. Based on the recent 10 and 50 MA positions, Bitcoin price must break the upcoming resistance at $21,216 and close above the key level near $22,615 to continue with the current bullish trend in the long term.
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