BTCUSD – Back to test support area


Bitcoin, which closed its fifth consecutive day lower yesterday (November 11), has been trading under $9,000 for three days and tested the key 20-day moving average for the first time since the rally from the 200-day moving average of October 25. So was the rally a classic Bull Trap, luring in unsuspecting buyers as it has been gradually sold off? Or was the October 25 rally the big “whale”¹ buying that has been assumed?

Technically and psychologically, the $10,000 level has been rejected for now and the $9,000 level has been broken but not yet breached. The 20-day moving average and the recent 50.0% Fibonacci hold as support levels today. A move down through the current levels brings in the key supply zone at $8,500-$8,000, and the latest 61.8 Fibonacci level and daily trend line around $8,300. A move and hold over $9,500 and the higher time frame resistance zone over $10,000 will be required to test the summer highs over $12,000.



Click here to access the Economic Calendar

Stuart Cowell

Head Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.