The 200-week moving average will always keep the bulls in check. Also, the holders of these coins are currently quiet about their chances of catching an uprising graph this early.
Bitcoin has recently gone down to $22000 on July 18th. The experts of Wall Street, however, had warned the traders that the bulls would not break the resistance with one hit.
Bitcoin Can Win the Bear Market Support Again?
Well, the data we have gathered from Cointelegraph and TradingView collaboration has shown how BTC is going back after it hit the peak of $22500 on the Bitstamp.
Commentators thought it would have been hard to crack. However, this represented the beginning of the sell-side positions on every exchange that clustered around a 200-week moving average. The experts like Michael Van De Poppe, the CoinTelegraph reporter, stated in a tweet that he does not see any continuation of BTC as it is facing a 200WMA resistance. He also added that taking a break from the market can be profitable for many as things stand now.
However, Bitcoin and other altcoins have made a good profit on relief and equities markets. The Asian and the Americans have made some good gains on that as the Dollar retreats yet again.
Ethereum Preserves Its Performance
Great news for the traders as some altcoins are stealing the show at times. One such altcoins is the ETH. The price of it has been around the $1500 mark for the last few weeks. It is a huge, huge gain considering BTC is still included in the market.
ETH/USD was challenging the BTC progress a few weeks back, and now it was a darling for the traders on the day of trading.