Bitcoin – BTCUSD Rejected at the 50 Day MA

Βitcoin – BTCUSD consolidates for the fourth day in a row between 9,900 and 10,400. As of writing BTCUSD adds 2.39% at 10,379 with rising volumes. Bitcoin capitalization is now over 185.6 billion while the market capitalization of the top 100 cryptocurrencies stands above 269.6 billion, today’s BTC volume is 18.8B.

The BTCUSD technical analysis picture is neutral to bullish the last days as BTC finds strong support at 100 day moving average, while today also tested the resistance at 10,660 the 50 day moving average but rejected. Immediate support for bitcoin stands at 9,514 the low from August 15th and then at the established strong support at 9,250 zone.

On the upside, strong resistance now stands at 10,650 today’s high, while I expect extra pressure from sellers at 10,800 the high from August 21st. I expect bulls to add to long positions if BTC breaks above the high (10,650), the take profit target must be set at 11,000 while a protective stop might be placed at 10,000. Bears can take a bet and enter a short position if BTC close below 10,000 the 100 day moving average; Shorts can target the strong support zone at 9,250, while a stop loss order could be placed at 10,250.

Bitcoin – BTCUSD Rejected at the 50 Day MA
Bitcoin – BTCUSD Rejected at the 50 Day MA