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Bitcoin steady as rebound continues

16 Sep, 2020

Yesterday Bitcoin managed to make a little more progress. The break above the 21 day moving average, which stood at 10,833 early in the session did deliver some further upside. The lead cryptocurrency moved to post a session high at 10,940. However, the upside was certainly capped by the 11k handle as was noted here would be a likely outcome. The subsequent move back down late last night saw it slip back to around 10,660. Hence the 10,500 support level also came into play down there too, and the suggested 10,500-11,000 range did cover all the price action yesterday. Today that range is still covering the action, with 10,660-10,880 encompassing it so far. Beyond 11,000 itself there is also resistance in place around 11,100 which is where a series of bottoms remains in place. Those had held the downside in check before the latest move lower, to around 9850 had unfolded. So, even if 11k is reclaimed today, that slightly higher level is still an important resistance level to be aware of. The move higher in recent days does rather belie the current price action in the EUR/USD, so there is a degree of decoupling unfolding between the two instruments just now. That will require further monitoring to see if it falls back closer into line. Meantime, Bitcoin is just now trading at 10,840

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