Bitcoin (BTC)’s sell-off will speed up if $8,700 is broken. An initial resistance awaits the bulls on approach to $8,800. Bitcoin is locked in a tight range limited by $8,800 on the upside and $8,700 on the downside. The first digital coin has recovered from Tuesday’s low of $8,558; however, the upside momentum has faded away on approach to the resistance area created by a combination of SMA100 (Simple Moving Average) and the upper line of the Bollinger Band on 1-hour timeframe. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $9,000. SMA200 (Simple Moving Average) 1-hour might turn in into a stiff barrier for BTC bulls. BTC/USD 1-hour chart From the longer-term perspective, the first resistance comes with the middle line of the Bollinger Band at $9,100. It is followed baby SMA100 ($9,250) and SMA200 ($9,450). BTC/USD has been trading below SMA100 daily since September 14; thus, a sustainable move higher will send a strong bullish signal to the market. On the downside, the initial support is created by the recent low at SMA50 daily at $8,550. A move below this area will take us to $8,000 and, potentially, to October 23 low at $7,300. BTC/USD, the 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 IEA’s Birol – Global oil demand will hit a plateau around 2030 FX Street 3 years Bitcoin (BTC)'s sell-off will speed up if $8,700 is broken. An initial resistance awaits the bulls on approach to $8,800. Bitcoin is locked in a tight range limited by $8,800 on the upside and $8,700 on the downside. The first digital coin has recovered from Tuesday's low of $8,558; however, the upside momentum has faded away on approach to the resistance area created by a combination of SMA100 (Simple Moving Average) and the upper line of the Bollinger Band on 1-hour timeframe. We will need to see a sustainable move above this handle for the upside to gain traction with… 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.
