Fundstrat Co-Founder Cites Crypto Chart Calculus, Says Bitcoin's 200-Day Moving Average is Bullish

The recent news of Bitcoin’s rise has the entire crypto industry abuzz, leading many experts to chime in with what this could possibly mean for the future of Bitcoin prices. With the prospect of a bullish movement on the horizon, co-founder Thomas Lee of Fundstrat Global tweeted his own evaluation of Bitcoin, demonstrating why the 200-day moving average was more helpful for Bitcoin.

https://ambcrypto.sfo2.digitaloceanspaces.com/2019/04/tl-768x485.jpgThe chart provided in his post shows a 200-day moving average for Bitcoin, which has a higher win ratio. However, moving below the 200-day moving average is not as lucrative. If Bitcoin moves above, a transition to a bullish market would be more likely as the trend continued upward. So far, there have been over 1,700 times that Bitcoin has moved above the 200-day moving average.

Unfortunately, Bitcoin has moved below that average 923 times, establishing a win rate of 36%. Lee continued his analysis, adding the performance within a 10-day time frame for the digital asset.

Lee compared the way that BTC is performing at the moment to that of the S&P 500, adding that it is much “more influential for BTC than equities.”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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