BTCUSD Breaks Below Key Support As Bitcoin Remains on Offer

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Written By: Eno Eteng (MSTA)

Reviewed By: Alejandro Zambrano

Oct 16, 2019, 16:10 BST 16:10

Bitcoin – BTCUSD

Summary:

Bitcoin (BTCUSD) breaks below key support at 8289 to resume its downtrend move on the back of low demand and lack of bullish triggers.

The price of Bitcoin (BTCUSD) has broken below the 8289 key price level, after flirting around it for several days. Intraday bias continues to remain bearish on the lack of bullish triggers, after the pair has traded in a tight range throughout the week.

The price activity is seen extending lower in a gradual fashion, contained within the confines of a down channel. Despite the drop, volatility on Bitcoin continues to remain low.

Price is currently trading at 7938. BTCUSD is gradually dipping towards the near-term support seen at 7707, which is where price candles formed lows on May 26, June 30 and October 7. This area is therefore going to be the immediate support to the downtrending price action.

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However, if price holds at 7707 as it has done twice in the last three months, then we may see a bounce which could retest 8289 in a repeat of the price move of Sept 30 and October 10.

Written By: Eno Eteng (MSTA)

Reviewed By: Alejandro Zambrano

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.