Bitcoin (BTC) is down 1.49 percent over the 24 hour period, trading at $6,672 at price ?,
Bitcoin (BTC) is on the defensive today and could suffer deeper losses in the next few days should the bulls fail to defend the key moving average support, the technical charts indicate.
The leading cryptocurrency to a pullback 24 hours ago, courtesy of the signs of bullish exhaustion near key resistance of $6,800. Hence, the drop to $6436 seen today is not surprising, but has certainly boosted the odds of a close (as per UTC) below the all-important 10-day moving average
It is worth noting that the short-term moving average is still biased to the bulls (rising). So, as discussed yesterday, a strong defense of the 10-day MA support would reinforce the short-term bullish outlook and could yield a rally to $7,000. Weekend
