Bitcoin Price Outlook
Hours ago, Bitcoin was trading at $10,800, down over 5% on the day as a result of overwhelming sell-side pressure. But, all of a sudden, the cryptocurrency bounced, gaining around 4% in minutes. And as of the time of writing this, BTC sits at $11,300, down 2% in the past 24 hours. What levels should investors be watching out for?
Well, according to Jacob Canfield, a popular trader, all eyes should be in and around $10,600 right now. This level is where Bitcoin’s 200 exponential moving average (EMA) meets the 0.236 Fibonacci Retracement of $14,000 and an uptrend. If BTC loses the 200 EMA, which has acted as clear support since February of this year, Canfield notes that Bitcoin could see a sharper correction to the also important 50 moving average around $9,900.