After climbing to a fresh daily high of $9,215 in the last hour, Bitcoin (BTC/USD) made a sharp U-turn and quickly erased all of its daily gains. As of writing, the pair was trading at $8,960, losing 2.15% on a daily basis. Although there were no apparent catalysts behind this sharp drop, the fact that the pair failed to break above the 20-day SMA and slumped below the key Fibonacci support may have allowed sellers to take control of the price action. BTC/USD 15-min chart Technical outlook With this recent fall, the RSI indicator on the daily chart turned south below the 50 handle to suggest that the bearish momentum is building up. The next critical support for the pair aligns at $8,700 (200-day SMA/Fibonacci 50% retracement of January-mid-February rally) before $8,400 (March 1 low/100-day SMA). On the upside, $9,100-$9,200 area (Fibonacci 38.2% retracement of the same rally/20-day SMA/daily high) is located as the initial hurdle ahead of $9,300 (50-day SMA). BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Gold Price Analysis: Breaking above $1,692 critical for next coronavirus-correlated bullish run – Confluence Detector FX Street 2 years After climbing to a fresh daily high of $9,215 in the last hour, Bitcoin (BTC/USD) made a sharp U-turn and quickly erased all of its daily gains. As of writing, the pair was trading at $8,960, losing 2.15% on a daily basis. Although there were no apparent catalysts behind this sharp drop, the fact that the pair failed to break above the 20-day SMA and slumped below the key Fibonacci support may have allowed sellers to take control of the price action. BTC/USD 15-min chart Technical outlook With this recent fall, the RSI indicator on the daily chart turned south… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
