Bitcoin Hovers at Three Month Lows

Βitcoin – BTCUSD trades higher today adding 0.59% at 7,900 close to three-month lows as the downtrend resumed during the weekend after bitcoin failed to break above the 200-day moving average. Bitcoin capitalization now stands at 143.41 billion, while the capitalization of the 100 biggest cryptocurrencies is above 215 billion.

The bitcoin technical picture is bearish, as the bitcoin price trades below all daily moving averages. Immediate support for bitcoin stands at 7,763 today’s low, a break below that support might drive the price down to 7,465 the low from June 4th. On the upside, BTCUSD strong resistance now stands at 7,949 daily top and then at 8,563 the 200-day moving average while more offers will be met at 9,350 the triangle support line. Bulls may add to long positions if BTCUSD breaks above the 8,563; the take profit target must be set at 9,350 the triangle resistance, while a protective stop might be placed at 8,000. Bears can take a bet and enter a short position if BTC breaks below the 7,763 today’s low.

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Bitcoin Hovers at Three Month Lows
Bitcoin Hovers at Three Month Lows

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