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Bitcoin Price Trading in a Tight Range After 100 WMA Break

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Written By: Senad Karaahmetovic

Oct 25, 2019, 10:32 BST 10:32

Βitcoin - BTCUSD

Summary:

Bitcoin price is consolidating at the horizontal support of $7450 after the price action broke below the 100 WMA on Wednesday.

Bitcoin price is consolidating at the horizontal support of $7450 after the price action broke below the 100 WMA on Wednesday. A close below 100 WMA on a weekly basis will likely result in the increased bearish pressure in the following weeks.

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Looking at technical levels, Bitcoin is currently sitting at the horizontal support, which played an important role in the past, around the $7450 mark. On the upside, the recently broken 100 WMA is expected to act as a resistance now. On the downside, the key 61.8% Fibonacci retracement of December 2018 low to June 2019 high is located at $7240.

For more on Bitcoin breaking support, see here – Bitcoin Price Breaks Support on Libra Headlines