Bitcoin looks increasingly bearish with a dip below its 200 Day Moving Average (BTC)

By Patricia Miller

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In early March, Bitcoin succeeded in breaking out above a diagonal resistance line formed by previous highs, but it proved to be nothing more than a ‘fakeout’. What stumped the cryptocurrency’s continued rise was a failure to break an earlier high set on 28th Jan. Bitcoin’s price slumped $3000 before taking a good look at the 200 Day Moving Average (DMA) and initially this safety net appeared to catch the fall. However, yesterday’s heavy move downward has left Crypto-followers twitchy.

Although there is some support offered by a reasonably established trendline at around $7000, failure to hold above $8000 is likely to see a retest of the $6000 low printed in early February.

Author: Stuart Langelaan

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Author: Patricia Miller

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.