Bitcoin Bows to Critical Resistance of $48,000
Bitcoin (BTC/USD) Outlook:
- Bitcoin price action loses traction below the key psychological level of $48,000
- USD gains after positive retail data
- Price action stalls ahead of key psychological level
However, with US retail data sales coming in higher than expectation, the Dollar gained at the discretion of major cryptocurrency.
Bitcoin (BTC/USD) Price Action
After the formation of a golden cross on the daily chart, Bitcoin prices have risen above the 23.6% Fibonacci retracement level of the June – September move at $47,000, in an effort to reclaim the key psychological level of $50,000 mark which remains as critical resistance for both the short and longer-term move.
With price action currently encapsulated between prominent levels, the ability to break above the key psychological level of $48,000 may give rise to further bullish momentum and a possible retest of $50,000 and a probable drive towards the next key Fibonacci resistance level of $51,734.
Bitcoin (BTC/USD) Daily Chart
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707