Bitcoin hasnít shown much action amid a lack of news on Wednesday. This favouring the current range-bound the currency is still trapped in. It ended lower, with losses fuelled by seemingly a selling-for-profit action from traders around the world.
BTC also had a muted reaction to the Fedís rate cut. According to its Chairman, Jerome Powell, it could be the last of 2019. Currently, the quote is moving below the $9,200 handle, which is key to the upside, according to the H4 chart. Thereís still a established demand zone around the $8,000 Ė $7,200 range. If BTC/USD plummets to test such an area, itís highly likely that it will find support. There is also an ongoing golden cross of the 50 and 200 SMAs, which is supporting the overall bullish stance of the cryptocurrency across the board.
Once it breaks above the resistance level of $9,351.89, the next obstacle to overcome is at $9,775 and $9,900. Beyond these areas, all the focus shifts towards the $10,411 level, a key barrier on the upside road. A support zone lies at $8,663.29, where the bears should make a breakout to allow further declines towards the previously mentioned demand area.
The $8,000 round-figure level should be the next tough nut to crack, ahead of the psychological level of $7,200. Once bitcoin breaks below such a level, the bearish acceleration will increase and thus it can produce a leg lower which should strengthen the bearsí force. The RSI indicator is still showing a neutral stance, favouring further consolidation in the short term. While the Momentum oscillator is pointing downwards, but itís not strong enough to validate further declines coming soon.
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