Bitcoin price analysis: BTC/USD finds support at the SMA 200 curve
|- The Moving Average Convergence/Divergence (MACD) indicates a reversal of bullish momentum.
- The SMA 20 crossed over the SMA 50 curve, which is a bullish sign.
The BTC/USD daily chart is trending in a narrow $400 range between $9,550 and $9,150. Bitcoin managed to chart two bearish days in a row. So far today, BTC/USD fell from $9,203 to $9,182. The hourly break of Thursday and Friday shows us that BTC/USD flew up to $9,146.45 before the bears took control of the market. Despite comeback attempts by bulls, the sellers took down the price to $9,172.40, where it found intraday support. Since then, the price has trended horizontally to finish around $9,182.
BTC/USD daily chart
The 200-day Simple Moving Average (SMA 200) is acting as immediate support, holding the price up. The SMA 20 has crossed over the SMA 50 curve, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates a reversal of bullish momentum. The Elliott Oscillator has had three straight red sessions, while the Relative Strength Index is trending around 58.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.