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Bitcoin has dipped beneath the 100-day moving average, potentially opening the doors to support near $8,500 if the bulls can’t keep prices above the MA.
- Total weekly volume for the bears is lower than expected, offering a small hope for a bullish rebound.
- Price would need a firm close above the 100-day MA in hopes of cementing a higher low relative to July 28’s dip low.
Bitcoin (BTC) continues to tumble from temporary support levels at $10,000 after enduring its worst single-day loss in a month.
At 06:15 UTC, BTC’s price pierced the 100-day moving average (MA) at $9,653, triggering a flurry of sell-orders as the mid-term trend switched from bullish-to-bearish.
The world’s largest cryptocurrency by market capitalization has since recovered slightly and at time of writing is changing hands at $9,800 on Bitstamp, representing a 2.4 percent loss on the day.
Bearish market sentiment echoed throughout the world today as the international stock markets fell across the board with the S&P 500 down 2.9 percent, while the FTSE 100 in the UK dropped by 1.42 percent.
That would seem to dispell the notion that BTC acts as a safe haven asset, offering certainty during darker economic time.
Regardless, the onus is now heavily on the bulls to regain a foothold back above the 100-day MA on the daily chart or risk further downside.
Daily chart
As can be viewed above, the symmetrical triangle breakdown is well underway after BTC’s price temporarily stalled along the 100-day MA at $9,652.
The bearish move is being supported by a histogram tick down on the awesome oscillator (AO) on the daily chart as it heads toward the neutral zero line,
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