Bitcoin lost its traction after finding resistance near 20-day SMA on Saturday. RSI on the daily chart continues to edge lower below the 50 mark. Bitcoin (BTC/USD) struggled to climb above the 20-day SMA on Saturday and extended its slide after breaking below the key Fibonacci support near $9,100. As of writing, Bitcoin was trading at $8,740, erasing nearly 2% on a daily basis. Technical outlook The RSI indicator on the daily chart failed to advance beyond the 50 handle on Friday and started to edge lower to show that the selling pressure on the pair is building up. Additionally, the 20-day SMA and the 50-day SMA, which made a bearish cross on Thursday, both float above the current price to confirm the near-term bearish outlook. The initial support for the pair is located at $8,700 (200-day SMA/Fibonacci 50% retracement of January-mid-February rally). A weekly close below that level could attract more sellers and drag the pair lower toward $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/Friday high/Saturday high) could be seen as the first resistance ahead of $9,300 (50-day SMA) and $9,500 (Fibonacci 23.6% retracement of the same rally). 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 USD/CAD Forecast March 9-13 – BoC Slashes Rates as Coronavirus Jitters Worsen Kenny Fisher 3 years Bitcoin lost its traction after finding resistance near 20-day SMA on Saturday. RSI on the daily chart continues to edge lower below the 50 mark. Bitcoin (BTC/USD) struggled to climb above the 20-day SMA on Saturday and extended its slide after breaking below the key Fibonacci support near $9,100. As of writing, Bitcoin was trading at $8,740, erasing nearly 2% on a daily basis. Technical outlook The RSI indicator on the daily chart failed to advance beyond the 50 handle on Friday and started to edge lower to show that the selling pressure on the pair is building up. Additionally,… 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.
