Positive Outlook on BTCAug 19, 2021
BTC secured a daily close above its 200 day exponential moving average (EMA) for the first time since May, indicating that it’s firmly in an uptrend. The Relative Strength Index, which measures market momentum, has also turned positive in recent weeks.
While consolidation above the moving averages presented confirms an uptrend, fake outs are a common occurrence in crypto markets. For example, BTC briefly broke above its 200 day EMA in Feb. 2018, only to break back down after three days. The next week should provide added clarity on BTC’s trend.