Bitcoin Bears Target The 50-Day MA Support

Βitcoin – BTCUSD continues south for one more day as it gives up 1.19% today at $8,651.00 close to three-week lows as bears are in control. Bitcoin formed a high around 9,935 after the last rally which started from positive news out of Chinese president.

Bitcoin capitalisation now stands at 157.99 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 239.52 billion. Ethereum also trade lower at $184.70

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Bitcoin Support and Resistance Levels

Bitcoin giving up over $120, and trades to daily lows at $8,635 as the number one crypto heading for the weekly lows. BTC technical picture is bearish now as the price trades below the 200 and 100 day moving average. On the downside, immediate support for bitcoin stands $8,623 the daily low before a test of the 50-day moving average at $8,543.42; A break below that level could drive the Bitcoin price down to $7,746 the support from September an October.

On the upside BTCUSD strong resistance now stands at $8,791 daily high and then at $9060 mark where the support line has now turned into resistance. The 200-day moving average at $9,290 is the next target to the upsideMore content