Bitcoin trades near key Fibonacci retracement level on Saturday. 20-day moving average acts as a dynamic resistance. Daily RSI continues to move sideways near 50. Bitcoin (BTC/USD) failed to hold above $10,000 earlier in the week and dropped to $9,280 on Wednesday. Although the pair was able to post small recovery gains on Thursday and Friday, it struggled to gather momentum and has gone into a consolidation phase on Saturday. As of writing, the pair was down 0.55% on the day at $9,645. Technical outlook The daily Relative Strength Index (RSI) for Bitcoin is moving sideways near the 50 mark to reflect its indecisiveness in the near term. However, the pair is currently trading near a critical level and a weekly close either below or above that level could provide a directional clue. The Fibonacci %23.6 retracement of the rally that started in early January and ended in mid-February is located near $9,600. Above that level, the 20-day SMA at $9,850 could act as an interim resistance ahead of $10,000 (psychological level). On the downside, $9,300 (February 19 low) aligns as the initial support ahead of $9,100 (Fibonacci 38.2% retracement of the same rally/50- day SMA) and $8,800 (200-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 WHO’s Tedros: Concerned about number of COVID-19 cases with no clear epidemiological link FX Street 2 years Bitcoin trades near key Fibonacci retracement level on Saturday. 20-day moving average acts as a dynamic resistance. Daily RSI continues to move sideways near 50. Bitcoin (BTC/USD) failed to hold above $10,000 earlier in the week and dropped to $9,280 on Wednesday. Although the pair was able to post small recovery gains on Thursday and Friday, it struggled to gather momentum and has gone into a consolidation phase on Saturday. As of writing, the pair was down 0.55% on the day at $9,645. Technical outlook The daily Relative Strength Index (RSI) for Bitcoin is moving sideways near the 50 mark… 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.
