Bitcoin – BTC: Bears are in Control Below 9,700

Βitcoin BTCUSD trades below the 10,000 mark for third day in a row giving up 0.71 percent to 9,459. Bitcoin capitalization stands above 169 billion while the market capitalization of the top 100 cryptocurrencies stands above 262 billion, today’s BTC volume is 14B. 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 turned bearish after BTCUSD breached the 50 day moving average  Bitcoin traders are very nervous as the volatility increases. Immediate support for bitcoin stands at 8,709 the 100 day moving average while more bids will emerge at 7,269 the 150 day moving average. On the upside strong resistance now stands at 9,706 the daily high, while I expect extra pressure from sellers at 10,374 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 9,193 the low from yesterday. Bears can take a bet and enter a short position if BTC breaks below the 9,085 mark; Shorts can target the 8,700 zone while a strict stop loss should be placed at 9,706 today’s high.Don’t miss a beat! Follow us on Twitter.