RATE Group | Bitcoin remains stuck between 100 and 200-day moving averages
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Bitcoin remains stuck between 100 and 200-day moving averages

02 Nov Bitcoin remains stuck between 100 and 200-day moving averages

Posted at 17:58h in Bitcoin News by

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  • Bitcoin stages a technical correction on Saturday, trades above $9,300.
  • Buyers are likely to remain in control as long as the 200-day MA holds.

After gaining more than 20% in 48 hours toward the end of October, Bitcoin (BTC/USD) rose above the critical 200-day moving average (MA) and has been moving sideways above that level this week. After testing the $9,000 handle on Friday, the BTC/USD pair staged a technical recovery on Saturday and was last seen trading at 9,350, adding 1% on a daily basis.

Technical levels to consider

The daily chart reveals that the pair has been fluctuating between the 100-day and the 200-day MAs in the past seven trading days. If the pair succeeds to make a daily-close above $9,600 (100-day MA) it is likely to target $10,000 (psychological level/Fibonacci 61.8% retracement of June rally/October 28th high) in the near-term ahead of $10,540 (October 26th high). Additionally, if the 200-day MA crosses above the 100-day MA, this could…

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