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Bitcoin still holding inside technical range

29 Sep, 2020

Yesterday the failure of Bitcoin to reclaim levels above 11k was probably its undoing. The price stalled short of a more decisive upside break when peaking around 10,950. Today it fell back from a high at 10,890 to as low as 10, 625 right on the Asian handover. It has since steadied from that fall and it now trying to make some upside progress again, but the move back above 10,725 is far from convincing. Right now the price is sandwiched in between the 50 day moving average at 11,073 and the 100 day moving average at 10,501. That is as it was over the weekend and yesterday too. Consequently, the outlook is rather uncertain beyond those price points in either direction, and it looks likely that range will persist again today. If that is the case, then playing it is probably the best option right now until something with more clarity presents itself. Bitcoin is just now trading at 10,718

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