Bitcoin Price Analysis: Sellers come in ahead of 10,500

In an eventful day in the financial markets BTC/USD fails to breach 10,500
As stocks and the dollar sell of Bitcoin rose 2.4%
Late in the session sellers come in to take profits

Rajan Dhall, MSTA FX Daily

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. He said he wasnt sure who was the biggest enemy Powell or China's Xi. Finally, later in the session Bank of England Governor Carney sounded a ringing endorsement for cryptocurrencies saying Libra could replace the dollar as the worlds reserve currency.

Looking at the price action in Bitcoin now it seems some sellers have come to market either to take profits or due to Carney's comments about Libra. In other occasions, positive comments about Facebook's Libra have sent Bitcoin lower.

On the technical front, the next intraday support level is at 10,248 the previous consolidation high on the day where price stalled.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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