Bitcoin – BTCUSD Technical Analysis: Bears Attacking the 100 Day MA
Βitcoin – BTCUSD continues south for third day in arrow after got a rejection at 10,900 zone. As of writing BTCUSD giving up 1.93% at 9,939 with high volumes. Bitcoin capitalization has dropped down to 178.6 billion while the market capitalization of the top 100 cryptocurrencies stands above 259.6 billion, today’s BTC volume is 18.8B.
The BTCUSD technical analysis picture is bearish the last days after BTC breached the 50 day moving average two days ago, while today also pierced the 100 Day moving average, but managed to rebound. Immediate support for bitcoin stands at 9,514 the low from August 15th and then at the established strong support at 9,250 zone.
On the upside, strong resistance now stands at 10,800 yesterday’s high, while I expect extra pressure from sellers at 12,315 the high from August 6th. I expect bulls to add to long positions if BTC breaks above the high (10,164), the take profit target must be set at 10,800 while a protective stop might be placed at 9,741. Bears can take a bet and enter a short position if BTC close below 9,900 the 100 day moving average; Shorts can target the strong support zone at 9,250, while a stop loss order could be placed at 10,000.