Bitcoin Tests the Critical 50-Day MA Support

Βitcoin – BTCUSD trades lower for third consecutive day as it gives up 1.00% today at $8,550.82 to fresh three-week lows as sellers are in control. BTCUSD 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 155.67 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 236.36 billion.

Bitcoin Resistance and Support Levels

Bitcoin continues the steady decline and trades close to daily lows at $8,555 as the number one crypto testing the 50-day moving average support. BTC technical picture is bearish now as the price trades below the 200 and 100 day moving average. On the downside, immediate support for bitcoin stands $8,564 the daily low before a test of the 50-day moving average at $8,553.78; A break below that level could drive the Bitcoin price down to $7,746 the support from September an October.

On the upside bitcoin first resistance now stands at $8,644 daily high and then at $9060 mark where the support line has now turned into resistance. The 200-day moving average at $9,290 is the next hurdle to the upside.

Bulls may initiate long positions if bitcoin breaks above the 9,000 mark; the take profit target must be set at 9,290, the 200-day moving average resistance.

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