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Bitcoin set for weekend move

16 Oct, 2020

Much earlier today Bitcoin fell to post a new low on the week at 11,216. Since then it has been trading largely sideways, in between 11,300 and 11.400 following another brief dip to around 11,250 during the European morning session. The failure to make much progress is clearly a concern as it has failed on 3 separate attempts to reclaim levels above 11.400. The price is now leaking a little lower again as it drifts back towards 11.300 into the European close. The coin is set to move this weekend, but the question is; which way will that be? The chart and the most recent price action would indicate an increasing risk for a move towards the 50 and 100 day moving averages. Those are now converging rapidly at the same time as diverging directionally. The 50 day is currently at 10,844 and the 100 day is at 10,802. Naturally, such a move may not play out, but increasingly this afternoon the downside risks appear to be rising unless Bitcoin can reclaim levels above 11,700 ahead of the weekend. Bitcoin is just now trading at 11,320

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