BTC/USD Trades Above 50-Day SMA to Clear September High
BTC/USD trades back above the 50-Day SMA ($27380) to clear the September high ($$27491), and Bitcoin may attempt to retrace the decline from the August high ($30200) as the Relative Strength Index (RSI) pushes to its highest level since July.
BTC/USD Outlook
The lack of response to the negative slope in the moving average may lead to a further advance in BTC/USD, with a close above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region bringing $29140 (38.2% Fibonacci extension) on the radar.
A breach above the August high ($30200) opens up the $30490 (50% Fibonacci extension) area, but failure to close above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region may push BTC/USD back towards $25990 (38.2% Fibonacci retracement).
BTC/USD Outlook
The lack of response to the negative slope in the moving average may lead to a further advance in BTC/USD, with a close above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region bringing $29140 (38.2% Fibonacci extension) on the radar.
A breach above the August high ($30200) opens up the $30490 (50% Fibonacci extension) area, but failure to close above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region may push BTC/USD back towards $25990 (38.2% Fibonacci retracement).
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