Bitcoin – BTC Tests the 50 Day MA at 10,570

Βitcoin – BTCUSD trades higher today adding over 1.0% at 10,510 with high volumes. Bitcoin capitalization stands above 188.1 billion while the market capitalization of the top 100 cryptocurrencies stands above 285.7 billion, today’s BTC volume is 17.2B.

The BTCUSD technical picture is bullish the last days after BTC breached the downtrend line which started in July 10th. Bitcoin has established a strong support at 9,250 zone. Bitcoin traders are very nervous as the volatility increases and BTCUSD trades above and below the 10,000 mark. Immediate support for bitcoin stands at 10,073 the 20 day moving average while more bids will emerge at 2,250 zone. On the upside strong resistance now stands at 11,100 the high from July 20, while I expect extra pressure from sellers at 11,848 the high from July 13. I expect bulls to add to long positions if BTC breaks above the daily high (10,583), the take profit target must be set at 11,100 while a protective stop must be placed at 10,318 the today’s low. Bears can take a bet and enter a short position if BTC breaks below 10,300 mark; Shorts can target the 9,250 zone while a strict stop loss should be placed at 11,000.Don’t miss a beat! Follow us on Twitter.