Bitcoin Slides Below the 50-Day MA

Βitcoin – BTCUSD trades lower for one more session as it gives up 0.73% at $8,435.00 to fresh three-week lows on low volumes as bears are in control. Bitcoin formed a top around 9,935 after the late October rally which started from positive news out of Chinese president.

Bitcoin capitalisation now stands at 154.14 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 234.06 billion.

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Bitcoin Resistance and Support

Bitcoin slides slowly below he 50-day moving average and trades close to daily lows ($8,411) as the number one crypto failed to break above the 50-day moving average. BTC technical picture is bearish now as the price trades below all major daily moving averages. On the downside, immediate support for bitcoin stands $8,411 the daily low before a test of the October support at $7,765; A break below that level could drive the BTCUSD price down to $7,320 the low from October 23r.

On the upside bitcoin, immediate resistance now stands at $8,508 daily top and then at $8,570 the 50-day moving average. The 100-day moving average at $9,304 is the next hurdle to the upside.

Bulls may initiate long positions if bitcoin breaks above the 50-day moving average; the take profit target must be set at 9,304, the 100-day moving average resistance.More content