RATE Group | BTC/USD sandwiched between SMA100 and SMA200 on a daily chart
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BTC/USD sandwiched between SMA100 and SMA200 on a daily chart

04 Nov BTC/USD sandwiched between SMA100 and SMA200 on a daily chart

Posted at 12:00h in Bitcoin News by

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  • Bitcoin has been moving sideways amid low market activity.
  • The critical support zone is created by SMA200 daily.

Bitcoin topped at $10,484 on October 26 and has been in retreat ever since. Bulls made another attempt to launch a new rally on October 28, but stopped short of $10,000. At the time of writing, BTC/USD is changing hands at $9,200, having recovered from the intraday low of $9,127. BTC/USD has barely changed on a day-to-day basis and since the beginning of the day moving within a narrow range. 

BTC/USD, the technical picture

Looking technically, BTC/USD is supported by SMA200 (Simple Moving Average) daily currently at $9,100. It is closely followed by a psychological $9,000 where fresh short-term buying interest is likely to appear. once it gives way, the sell-off may gain traction with the next bearish aim at $8,700. This support area is created by a confluence of SMA50 and the middle line of the Bollinger Band on a daily chart. Meanwhile, the…

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