RATE Group | BTC/USD finds support at the SMA 200 curve
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BTC/USD finds support at the SMA 200 curve

08 Nov BTC/USD finds support at the SMA 200 curve

Posted at 02:57h in Bitcoin News by

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  • The Moving Average Convergence/Divergence (MACD) indicates a reversal of bullish momentum.
  • The SMA 20 crossed over the SMA 50 curve, which is a bullish sign.

The BTC/USD daily chart is trending in a narrow $400 range between $9,550 and $9,150. Bitcoin managed to chart two bearish days in a row. So far today, BTC/USD fell from $9,203 to $9,182. The hourly break of Thursday and Friday shows us that BTC/USD flew up to $9,146.45 before the bears took control of the market. Despite comeback attempts by bulls, the sellers took down the price to $9,172.40, where it found intraday support. Since then, the price has trended horizontally to finish around $9,182.

BTC/USD daily chart

fxsoriginal

The 200-day Simple Moving Average (SMA 200) is acting as immediate support, holding the price up. The SMA 20 has crossed over the SMA 50 curve, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates a reversal of bullish momentum. The Elliott Oscillator has…

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