Bitcoin is trading within the confines of a contracting triangle, pending breakout. Both the 50 SMA and the 100 SMA are working as immediate support lines above the 61.8% support. Bitcoin price is trading at the narrow end of a short-term contracting triangle, likely to culminate in another breakout to the upside. After coming short of the critical resistance at $8,500, BTC/USD has been correcting lower while the upside movements being limited by the bearish trendline. The 61.8% Fib retracement level between the highs of $8,479.97 and a low of $7,702.22 has been very instrumental holding ground on Thursday. The trend is neither bullish or bearish and the price is a sitting duck waiting for either the bulls or the sellers to attack. BTC/USD has proven to the cryptocurrency community that it has the potential to recover in spite of the bull rally losing momentum. The next resistance target for the intraday trading is $8,300, however, the resistance at $8,275 must be overcome in the short-term. Moreover, $8,400 is a critical breakout zone for the retracement to levels beyond $8,500. On the downside, both the moving averages on the 15-minutes chart are working as support lines: The 100 SMA at $8,239.57 while the 50 SMA positioned a little lower at $8,212.68. As mentioned the 61.8% Fibo is working as a strong intraday support at $8,182.81 but if declines exceed this level, $8,100 will stop the break down to $8,000. BTC/USD 15-minutes 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 Global trade tensions remain elevated – ANZ FX Street 5 years Bitcoin is trading within the confines of a contracting triangle, pending breakout. Both the 50 SMA and the 100 SMA are working as immediate support lines above the 61.8% support. Bitcoin price is trading at the narrow end of a short-term contracting triangle, likely to culminate in another breakout to the upside. After coming short of the critical resistance at $8,500, BTC/USD has been correcting lower while the upside movements being limited by the bearish trendline. The 61.8% Fib retracement level between the highs of $8,479.97 and a low of $7,702.22 has been very instrumental holding ground on Thursday. The… 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.
