Bitcoin (BTC/USD) Outlook:
- Bitcoin[1] price action loses traction below the key psychological level of $48,000
- USD[2] gains after positive retail data
- Price action stalls ahead of key psychological level[3]
Bitcoin[4] (BTC[5]/USD[6]) prices have stalled at the key psychological level of $48,000 after retail sales boosted demand for the safe-haven greenback[7].
However, with US retail data sales coming in higher than expectation, the Dollar gained at the discretion of major cryptocurrency.
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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[10] level of the June – September move at $47,000, in an effort to reclaim the key psychological level[11] of $50,000 mark which remains as critical resistance for both the short and longer-term move.
With price action[12] 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
Chart prepared by Tammy Da Costa[13]usingTradingView[14]
--- Written by Tammy Da Costa, Analyst for DailyFX.com
DailyFX[16] provides forex news and technical analysis on the trends that influence the global currency markets.
