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Bitcoin edges closer to 10k again

24 Sep, 2020

Given the moves in the equity and risk markets over the past 12 hours, Bitcoin has actually done quite well to hold above 10,000. The low seen overnight and so far today has been set at 10,198. It has since bounced back above 10,300, but it is not out of the woods by any stretch. The immediate risk remains to the downside again today and if 10k is broken then that will once again open up the more important and previously highlighted level at 9852. The current chart configuration is still very bearish and also just hovering above an important trend line support level at around 9980. If that level is breached, then it is likely to meet with stop loss selling too. A break of 9852 would also open a direct path lower, towards the 200 day moving average which is currently in place at 9218. Bitcoin is just now trading at 10,310

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