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Bitcoin News and Talking Points
- Bitcoin sell-off nears robust support zone. Failure to hold will see losses deepen.
- Recent down-trend line respected so far.
Bitcoin (BTC) Price - Important Support Zone in Play
The latest cryptocurrency sell-off has seen Bitcoin give back its recent pull-back gains and enter a resistance zone which needs to hold if further short-term gains are to be made. After making a series of bullish positive 'higher lows' in the last two weeks, BTC has reversed and is currently making its forth 'lower high' in a row, a bearish market indicator. The largest digital coin has now entered a notable zone of resistance between $9,900 and $9,300 made up of a series of lows since early-December. The lower part of the zone also crosses with the recent downtrend channel, adding to the areas technical importance.
A move and close below $9,300 would open up the way to the next support level provided by the 78.6% Fibonacci retracement level at $8,523 ahead of the February 6 low of $6,000.
If resistance holds, and the current run of lower highs is broken, then Bitcoin could test a cluster of resistance levels between $10,600 and $10,970. A break above here would also see the downtrend broken, potentially opening the way for further gains.
We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.
Bitcoin (BTC) Price Chart in US Dollars (October 22, 2017- February 23, 2018)
Cryptocurrency Trader Resources - Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account . In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
--- Written by Nick Cawley , Analyst .
To contact Nick , email him at nicholas.cawley@ig.com
Follow Nick on Twitter @ nickcawley1
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
