Bitcoin Correction Stalls at the August Support Line

Βitcoin – BTCUSD trades 0.35% lower today at $9,119.85 close to weekly lows after bitcoin rejected at the 100-day moving average. BTCUSD price formed a high around 9,935 after last weeks rally. Bitcoin capitalisation now stands at 164.95 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 244.52 billion.

The CME options trading facility on Bitcoin futures contracts planned to launch in the first quarter of 2020, pending regulatory approval.

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Bitcoin Technical Levels

Bitcoin is trading lower today, but away from daily low as the number one crypto find strong resistance at the 9,050 zone. BTCUSD technical picture is neutral now for the short term, as the price trades above the 200-day moving average but below the 100-day moving average. On the upside, bitcoin strong resistance now stands at 9,191 daily high and then at 9,601 the 100-day moving average. This is a critical resistance point, if BTC price run away that level more bears will join the downward move, a break to the upside will push bitcoin to higher levels.

On the downside, immediate support for bitcoin stands at 9,054 today’s low; A break below that support level might drive the BTC price down to 8,769 the 50-day moving average before a visit down to 7,742 the previous support line. Bears might enter a short trade if bitcoin breaks below the 50-day moving average targeting the 7,400 recent low.

Bulls may initiate long positions if BTCUSD breaks above the 9,600 mark; the take profit target must be set at 10,220, while a protective stop might be placed at 9,046 (200-day MA).Download our latest quarterly market outlook for our longer-term trade ideas.

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