BTC/USD confirms its safe-haven characteristics. Strong support area comes on approach to $10,150. Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes. At the time of writing, BTC/USD is changing hands at $10,419, up nearly 3% since the beginning of the day. Flight to safety As the US-China trading war ratchets up, investors rush to safety which pushes up the prices of safe-haven assets. China promised to retaliate by imposing tariffs on US goods when the US President Donald Trump introduced additional levies on Chinese imports and called for American companies to pull out of the country. This development resulted pushed 10-tear Treasury yield to the lowest since August 2016. Gold gained 1.3% to trade at $1,546.47 an ounce. Bitcoin has been following this safe-haven pattern for a while now. The asset tends to grow amid a flight to safety, showing a tight correlation with gold’s prices. This time is no exception as investors consider the coin as a safe investment option at a time of economic and political turmoil. Bitcoin’s technical picture Looking technically, Bitcoin (BTC) is supported by 1-hour SMA200 (Simple Moving Average) at $10,300. Once it is out of the way, the downside is likely to gain traction with the next focus on $10,150. A confluence of strong technical indicators (SMA50 and SMA100 1-hour and the middle line of 1-hour Bollinger Band) is likely to stop the sell-off. However, a sustainable move below this handle pushes the price towards a critical $10,000. On the upside, we will need to see a sustainable move above $10,500-$10,530 for the upside to gain traction. This area contains SMA200 4-hour and the upper line of 4-hour Bollinger Band. Once it is out of the way, the price may retest the intraday high of $10,665. BTC/USD, 1-hour 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 USD/JPY jumps 55 pips on China’s upbeat comments on trade FX Street 4 years BTC/USD confirms its safe-haven characteristics. Strong support area comes on approach to $10,150. Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes. At the time of writing, BTC/USD is changing hands at $10,419, up nearly 3% since the beginning of the day. Flight to safety As the US-China trading war ratchets up, investors rush to safety which pushes up the prices of safe-haven assets.… 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.
