Don't discount technicals when analyzing Bitcoin. A look at the technicals driving BTC/USD

The price of Bitcoin this week, finally cracked below its 100-day moving average (blue line in the chart below) for the 1st time since June 21. The price lows over the last few weeks have found support buyers leaning early against that 100-day moving average level, pushing the price back higher.

However, in trading yesterday the 100-average day moving average was broken at $28,538 (blue line in the chart below). The momentum continued with the price moving to – and through – the 200-day moving average at $27,291. That was the 1st break and close below the 200-day moving average since January 12, 2023 (PS. on March 10, the price tested that moving average line and bounced higher).

In trading today, the momentum continued to a low price of $25,600. That got within $23 of the 38.2% retracement target at $25,577. The price has since bounced back to $26,050.

So support held at the 38.2% retracement near $25,577.

What next?

Going forward, the 200 day moving average at $27,291 is now the key resistance level on the daily chart that if the price were to stay below keeps the sellers in play. A move above would be more bearish.

On the downside, a break below a 38.2% retracement and swing area support down to $24,819 would be targeted (see yellow area in the chart below)

This article was written by Greg Michalowski at www.forexlive.com.



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