Bitcoin’s (BTC’s) price has been choppy since its October spike to $10,350, giving no clear indications of where its trend will head next. Overall, crypto’s pioneer asset has been fairly uneventful, with many price fakeouts.
Bitcoin’s daily candle bounced off its 50-day moving average (MA) as support on Nov. 12, although the industry’s flagship asset once again faces resistance at its 0.5 Fibonacci retracement level, which could also be considered its range equilibrium.
The asset sits strongly below the $9,000 mark at press time, at a price of $8,766.70.
On its daily chart, Bitcoin sank all the way down to $8,550 on Nov. 12 where it bounced off its 50-day moving average (MA) as support. Crypto’s main asset bounced near the 50-day MA two other times recently, on Nov. 8 and 11, indicating the average may be an area of significant interest for buyers.
After the bounce near $8,550, Bitcoin rallied more than $250, closing the day near $8,825.
$8,825 is the location of Bitcoin’s 0.5 Fibonacci retracement level and when taking into account that its recent low near $7,300 and its swing high near $10,350. This level acted as resistance during Bitcoin’s Nov. 12 close and has continued to reject the asset’s price action on Nov. 13. Read More...