Bitcoin moved lower earlier today, but buyers stepped in at the 200-bar moving average on the 4-hour chart, currently at $86,703. Sellers attempted to push the price below that level, but momentum quickly faded, indicating that short-term control remains with the buyers. A sustained move below the 200-bar MA would be needed to shift the bias more firmly back to the downside.
On the topside, the $89,113 level stands out as a key resistance zone. This area marks the 38.2% retracement of the decline from the all-time high and coincides with a notable swing area (highlighted by the red numbered circles). A break above this level would be a bullish technical development, with further resistance eyed near the psychological $90,000 mark, followed by the 50% retracement level at $92,978.
After falling nearly 30% from the January all-time high, buyers are working to regain control. However, reclaiming at least the 38.2% retracement is a minimum requirement to suggest a more meaningful reversal. Without that, the recent move higher risks being viewed as a correction within a broader downtrend.
The near-term technical battle is clearly defined: support at the 200-bar moving average vs. resistance at the 38.2% retracement. A break outside of this range will likely determine the next directional move for BTCUSD.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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