- Summary:
- Bitcoin price retreat in early European trading session, after a robust three-day rally that drove the price away from the 200-day moving average and above
Bitcoin price retreat in early European trading session, after a robust three-day rally that drove the price away from the 200-day moving average and above the $9000 mark. Bulls build a strong momentum making higher highs and higher lows as fresh money is getting into the cryptocurrencies market.
In a positive move that enhances the broader approval of digital assets the ECB, BOE, BOJ, SNB, BOC, and Riksbank decide to form a working group to share experience on digital currencies. The major central banks will explore potential cases for central bank digital currencies.
Read our Best Trading Ideas for 2020.
Bitcoin Price Key Levels to Watch
Bitcoin is 0.67% lower today at $9339 as crypto investors are cautious after the recent vertical rally. BTCUSD haver reached overbought level and correction now can not be ruled out. The technical outlook for bitcoin is clearly bullish as the pair breached above the 200-day moving average.
In the likely event of a correction, first support for bitcoin will be met at $9,273 the daily low. If bitcoin pierce below that level, the next support stands at $9,000 round figure. Below $9000 the 200-day moving average at 8894 will provide the next support zone.
On the upside now, immediate resistance stands at $9,429 the daily top. The second significant resistance will be met at $9,559 the high from November 4th. In case of bullish breakout BTCUSD might visit the upper boundary of the ascending price channel in the daily chart at $9,860.