BTCUSD – Bitcoin Upside capped at $8,350

BTCUSD – Βitcoin trades 0.24% higher today at $8,194 close to three-month lows as bitcoin struggles for a break above the 200-day moving average. Bitcoin capitalization now stands at 147.65 billion, while the capitalization of the 100 bigest cryptocurrencies is above 223.37 billion.

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Bitcoin Support and Resistance

Bitcoin is trading higher but it is sitting off of its daily highs at $8,240, which is where it found notable resistance that halted the upward momentum the last four trading sessions. The BTCUSD technical picture is bearish for the short term, as the price trades below all daily moving averages. BTC continues to trade within a tight trading range between roughly $7,700 and $8,400 for the past couple of weeks. Immediate support for bitcoin stands at $8,110 today’s low and then at $7,940 the low from September 29th. A break below that support might drive the price down to $7,730 recent low. The critical point is the 200-day moving average at $8,483; a move below will attract more bears to join the downward move.

On the upside, BTCUSD strong resistance now stands at $8,240 daily top and then at $9,350 the triangle support line. Bulls may add to long positions if BTCUSD breaks above the $9,350; the take profit target must be set at $10,220 the triangle resistance, while a protective stop might be placed at $8,607 (200-day MA). Bears can take a bet and enter a short position if BTC breaks below the $7,730 recent low.

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BTCUSD - Bitcoin Upside capped at $8,350
BTCUSD - Bitcoin Upside capped at $8,350