Bitcoin Indecisive Around 10,000

Βitcoin – BTCUSD trades 0.33% lower at 10,057 making fresh weekly lows and broke below the 10,000 mark just to rebound above 10,000 during the European session.  Bitcoin capitalization now is over 180.9 billion while the market capitalization of the top 100 cryptocurrencies stands above 259.8 billion, today’s BTC volume is 15.9B.

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The BTCUSD technical analysis picture is neutral now, as the price trades below the 100 and 200 day moving average. The pair today failed to break above the 100-day moving average and retreated below the 10,000 mark.  Immediate support for bitcoin stands at 9,855 today’s low and then at 9,365 the low from August 30.  On the upside, strong resistance now stands at 10,243 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 (10,243); the take profit target must be set at 10,800 resistance, 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; Shorts can target the strong support zone at 9,250, while a stop-loss order could be placed at 10,243 today’s top.Download our latest quarterly market outlook for our longer-term trade ideas.

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