Bitcoin: Bulls in Control Above 10,192

Βitcoin – BTCUSD trades 0.16% higher at 10,603 after the cryptocurrency made fresh monthly lows the previous week at 9,363. Bitcoin capitalization is over 189.9 billion, while the market capitalization of the top 100 cryptocurrencies, stands above 267.5 billion, today’s BTC volume is 16.5B.

The BTCUSD technical analysis picture is bullish, as the price holds above all major daily moving averages. The pair today tested the 200 day moving average and rebounded.  Immediate support for bitcoin stands at 10,461 today’s low and then at 10,192 the 100-day moving average. On the upside, strong resistance now stands at 10,664 today’s high, while I expect extra pressure from sellers at 10,800 the high from August 21st. Bulls will add to long positions if BTC breaks above the high (10,664); the take profit target must be set at 11,000 while a protective stop might be placed at 10,461. Bears can take a bet and enter a short position if BTC closes below 10,192 the 100-day moving average. Shorts can target the secure support zone at 9,250, while a stop-loss order could be placed at 10,664 today’s top.Don’t miss a beat! Follow us on Telegram and Twitter.

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