Bitcoin – BTCUSD Slump Accelerates Below 10,000

Βitcoin – BTCUSD gives up over $400 down to 9,834 as the correction accelerates breaking below the critical 10,000 mark. Bitcoin capitalization now stands at 177.3 billion while the market capitalization of the top 100 cryptocurrencies stands down to 262.4 billion, today’s BTC volume is 17.4B.

The BTCUSD technical outlook has turned bearish as the cryptocurrency trades below all major daily moving averages. Bitcoin immediate support is at 9,600 today’s low and then at 9,375 the low from August 30. A break below might have negative imppplicationsss that can drive the price down to 8,150 zone, where the ascending trendline cross.

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On the upside, strong resistance now stands at 10,185 today’s high, while I expect extra pressure from sellers at 10,492 the 100-day moving average. Bulls took a hit on the chin today and only a rebound above the 10,000 mark can reverse the downtrend. Bears can hold their positions as long as BTCUSD trades below 10,000; Shorts can set the profit target at 9,375, while a stop loss order could be placed at 10,000.Download our latest quarterly market outlook for our longer-term trade ideas.

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