(💖Open post for discussion and add your opinion too👍) Well, so far so good for 2022 and Bitcoin in hanging in there at around 45K today. It's been a year of FUD overload yet Bitcoin hasn't crashed into the 20K's but only just😮

So 95 days later and BTC is about a $1,000 down right now compared to the year open of $46,216 (follow the yellow dotted line). It's peak for the year was $48,190 only surpassing the Jan 2nd previous high by $200. Indeed it has recovered well from the Jan 24th low of $32,917 too. Yet here we are so far still clearly down for the year and as can be seen, very little action above the dotted yellow line and indeed has now been pushed below once again.

Viewing the 200 Daily moving Average (DMA, red line), Bitcoin has failed to pass it. It has not even had a wick above it since Jan 2nd and not a single close above since 26th December 2021. To me the 200DMA is a powerful indicator and I would argue too that whilst BTC is under it, it is still in bearish territory. Conversely, when it breaks above, it has to do so for a good week of daily closes before I would consider it to be remotely bullish.

However, the 50DMA (blue line) truly started to recover 11th March and reversed the trend of it since. BTC was trading below both moving averages until early Feb thus the data since then may suggest that final push above the 200DMA could be sooner than later also. However, a "golden cross" is still a long way off with the difference between the DMA's at some $6K, could be months !

In sum, BTC still under pressure, still not bullish until that clear 200DMA break.👍

What do you think? Do you like using these indicators or others? If you have an opinion, don't be shy and comment below. We are all here to learn🙂👍🙂👍

Cheers, CryptoGlyn.