Bitcoin - BTC: Positive Momentum Above 9,250
Βitcoin – BTCUSD trades higher today adding 1.87% at 9,772. Bitcoin capitalization stands above 174.4 billion while the market capitalization of the top 100 cryptocurrencies stands above 270 billion, today’s BTC volume is 14.4B. Bitcoin (BTC) represents over 57 percent of cryptos value so it is clearly in control of cryptomarket universe at the moment. The recent huge rally that drove prices up to 13,868 attracted retail investor’s attention possibly by the news around Facebook’s Libra new cryptocurrency.
The technical picture is neutral to bullish the last days after BTC breached the downtrend line from July 10th. Bitcoin has established a strong support at 9,250 zone. Bitcoin traders are very nervous as the volatility increases and BTCUSD trades above and below the 10,000 mark. Immediate support for bitcoin stands at 8,796 the 100 day moving average while more bids will emerge at 7,348 the 150 day moving average. On the upside strong resistance now stands at 9,828 the daily high, while I expect extra pressure from sellers at 10,170 the 20 day moving average. I expect bulls to add to long positions if BTC breaks above the daily high, the take profit target must be set at 10,000 while a protective stop must be placed at 9,574 the today’s low. Bears can take a bet and enter a short position if BTC breaks below the 9,574 mark; Shorts can target the 8,700 zone while a strict stop loss should be placed at 9,828 today’s high.Don’t miss a beat! Follow us on Twitter.