The rank #1 cryptocurrency Bitcoin (BTC) is stuck in a narrow $550 range between the key long-term moving averages today, but may be prepping for a breakout, the technical charts suggest and many evidences are here. With the bull/bear bias now unclear, the big problem now is trying to work out in which direction the price will go. Its time to thing about it. As of writing, BTC is changing hands at $8,760 on Bitfinex, and is trading between the 50-day moving average (MA) at $8,287 and the 100-day moving average at $8,837. Its pretty slow and may be irritating. The sell-off from the May 5 high of $9,990 came to halt around the 50-day MA on Saturday. The Matter of the fact is the 50-day MA also acted as strong support on Monday. Meanwhile, on both occasions, the rebound from the 50-day MA ran out of steam around the 100-day MA hurdle. Now lets see what will happen in near future and we hope for better future of all cryptocurrencies.
The rangebound action seen in the last three days has established the 50-day MA as a major support and its better, also the 100-day MA as a formidable resistance and the breakout of this zone will likely set the tone for the next big move in BTC, so be ready for another hit.
By Coindesk: sourece
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