Bitcoin price in on a verge of a big move, targets for bullish and bearish outcome, ETH dropped 12% in 1 minute, indicators suggest a bearish scenario
BTC/USD daily chart
Bitcoin price is squeezed in a tight corridor between the resistance line at $9,800 and the 20-day moving average that provides support at $9,550. The low range of action calls for a decisive move in a short term. Breaking below the 20-day moving average might lead to a slip back to the 50-day moving average that aligns with a 0,786% Fibonacci Retracement level at $9,070. On the other hand, if bitcoin turns bullish, we might see a re-test of the significant $10,500 level.
ETH/USD 3 min chart
Last night ether had a moment diving over 12% to $214 and rising back up to $243 in a matter of a minute on a Bitstamp exchange. Such a massive move in such a short time interval suggests a trading bot gone wrong.
ETH/USD daily chart
Things don’t look nearly as dramatic on other exchanges. ETH remains above the 20-day moving average and in between 38,20% and 50% on Fibonacci Retracement levels. The indicators seem to be ready to switch to a bearish side, as we are about to witness a bearish crossover on MACD and Lucid SAR is getting very close to flip. Breaking below the $230 mark might mean a further significant drop to get supported by the 50-day moving average at about $215.