Bitcoin edges back after reaching first upside objective
Yesterday it was noted here; that the second break above 10,500 in Bitcoin could deliver a move to test the 21 day moving average. Well, eventually that is exactly what has happened today. Bitcoin has printed a high earlier on at 10,835 which was pretty much at the price point of the 21 day moving average. That has fallen further this morning and comes into play right now at 10,833. So, it has provided sufficient resistance at the first time of asking. That has seen Bitcoin drift back to around 10,715 from the earlier high. It is clear that 10,500 will provide a degree of support now if there is a deeper retracement. Meantime, the price has remained relatively elevated as it trades around 10,750 right now. Beyond 10,833 the next level of upside resistance will be 11,000. So, there you have it; 10,500 to 11,000 for the time being, with potential for some stops to be in place either side of 10,625 and 10,835 within that wider range
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