October 30, 2020

Technical analyst: the path of least resistance for bitcoin leads to the range of $ 8400-8600

ForkLog analyst Vladislav Vlasenko does not rule out that in the near future the first cryptocurrency will be in range of $ 8400-8600.

According to him, the price of BTC fell belowA 200-day moving average (MA) of $ 9,180, which has been supporting for almost two weeks. Having overcome $ 9000, the first cryptocurrency found short-term support in the form of MA 100 on the four-hour chart, forming the lower border of the downward triangle.

Technical analyst: the path of least resistance for bitcoin leads to the range of $ 8400-8600

Bitstamp Exchange BTC / USD daily chart

If the decline continues and the border is broken, the range of $ 8400-8600 will become relevant, the lower border of which corresponds to the level of 0.618 Fibonacci.

Recall that every Wednesday on ForkLog there is a review of cryptocurrency prices from RoboForex analysts.