Bitcoin loses momentum after rising for two days. 20 and 50-day SMAs form a short-term resistance area. RSI on the daily chart continues to move sideways near 50. Bitcoin touched its highest level in ten days at $9,180 on Friday but struggled to push higher amid a lack of volume. As of writing, the pair was trading in a relatively tight range near $9,100, posting small daily losses. Technical outlook Looking at the daily chart, a bearish cross between the 20-day SMA and the 50-day SMA, which are both floating a little above the price, seems to have occurred, suggesting that the bullish momentum is struggling to buildup. In the meantime, the RSI indicator on the same chart continues to move sideways to show the pair’s indecisiveness in the near-term. At the moment, the pair is trading at $9,100, where the Fibonacci %38.2 retracement of the rally that started in early January and ended in mid-February is located. With a weekly close above that level, the pair could target the Fibonacci 23.6% retracement of the same rally at $9,600. However, $9,300-$9,400 (area (20-day SMA-50-day SMA) could act as interim resistance. On the other hand, $9,000 (psychological level/Friday low) could be seen as the initial support ahead of critical the $8,700 (200-day SMA/Fibonacci 50% retracement) level. 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 China: Exports contracted by 17.2% in first two months of 2020 FX Street 2 years Bitcoin loses momentum after rising for two days. 20 and 50-day SMAs form a short-term resistance area. RSI on the daily chart continues to move sideways near 50. Bitcoin touched its highest level in ten days at $9,180 on Friday but struggled to push higher amid a lack of volume. As of writing, the pair was trading in a relatively tight range near $9,100, posting small daily losses. Technical outlook Looking at the daily chart, a bearish cross between the 20-day SMA and the 50-day SMA, which are both floating a little above the price, seems to have occurred, suggesting that… 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.
