Bitcoin (BTC/USD) is continuing to make small, stable steps back in the direction of its “stability zone” above $550. It may not be the rocket to the moon as much as the locomotive up the mountain, but such climbs bear the support of solid ground in their wake and usually remain the most stable and enduring.
If indeed on the path to mid-term recovery, it indicates that even its “intermediate phase” of the recent decline- that from the broken support level of $550 down to its previous support level of $480- may too have been induced by mild activity of panic selling/margin calls, which accelerated during the final phase.
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The current profile during the rise is largely mirroring that of the decline, lending further support to the notion of a “natural recovery” back above $550 within 7-10 days.
Now trading at $507, the pair has crept back up to within 8% of its 200-day moving average, now worth $550- the price to beat. This is the lowest offset held for any reasonable duration during the last 10 days of trading.