(Harvest) Ending a near cataclysmic slide from roughly $1,250 in November 2013 to $175 in January 2015, bitcoin’s price stabilized around its 200-week moving average for the next nine months, as shown by the green line below. At that time, the European sovereign debt crisis was reverberating as Greece threatened to leave the European Union, providing bitcoin with a mid-summer bump . Bitcoin’s price action during those nine months suggested that its ecosystem was much more robust than professionals in traditional asset management were willing to acknowledge. If nothing else, technicians were paying attention, so moving averages, resistance and support, and gaps were relevant.
$1,700? Even Bitcoin’s Bear Case Is Bullish
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