BTC/USD Technical Analysis: Bitcoin starts to turn south as Asian traders come to the market
- Bitcoin momentum starts to tail of at 10,200.00
- Could prices be heading back to the psychological 10,000.00 level
- Intraday technical indicators turn south
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Intraday price action turns south as Asian participants enter the fray. BTC/USD has had a pretty positive session today with prices up 0,13% after yesterday's capitulation.
The next support level on the way down is at 10,050.00 marked on the chart above. Below this 10,000.00 is the next target.
Both the stochastic and MACD turn bearish. The Stochastic indicator's moving averages have both dropped below the mid-line and the K-line has moved into the oversold zone. The MACD histogram has just turned south too but the moving averages are still holding above the mid-line.
Another potential target could be the trendline under the price at the moment. The top of the channel has been well respected throughout the day and the parallel could provide support.
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.
