Bitcoin market update: BTC/USD engages reverse gear, next stop $10,500

0
  • The weekend sessions were quite uneventful with Bitcoin staying between $12,500 and $10,500.
  • Technically, Bitcoin still has a bearish bias with the technical signals mostly negative.

Bitcoin was hovering above $11,000 during the Asian and European sessions on Monday. The crypto was battling to steer clear of losses following a recovery of from last weeks $10,300 support. Although a correction made it above $12,000 initially, selling pressure did not permit movement above $12,500.

The weekend sessions were quite uneventful with Bitcoin staying between $12,500 and $10,500. Currently, a building bearish momentum is risking declines below last week’s $10,300 support. The 100 Simple Moving Average offers immediate support at $10,542 while the 50 SMA will limit movement north at $11,583.

Technically, Bitcoin still has a bearish bias with the technical signals mostly negative. The Moving Average Convergence Divergence (MACD) is sliding further in the negative region while its divergence points towards rising selling pressure.

Bitcoin must correct above $11,000 in order to come out of the danger that hovers around it at the moment. The safest bet for Bitcoin is to reverse the trend above $12,000; a move that will increase the investors’ confidence in the recovery.

BTC/USD 4-h chart

Get the 5 most predictable currency pairs

About Author

Comments are closed.