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Bitcoin Hovers Near 200-Hour MA and Close to Its Support
The cryptocurrency is down for a second straight day.
Bitcoin pulled back again early Wednesday on the heels of a recent bull run.
- The cryptocurrency was trading near its 200-hour moving average (MA) and close to its support at $54,500 earlier today, representing a 2.6% drop on the day. That follows a 2.58% decline on Tuesday.
- The average acted as strong support during the U.S. trading hours on Tuesday.
- The relative strength index (RSI) on the hourly and four-hour charts remains in bearish territory below 50, and so a continued decline cannot be ruled out.
- Acceptance under the 200-hour MA would expose support at $50,000.
- Bulls will need to clear the lower high at $56,612 created during Asian trading hours to take greater control and attack resistance at $60,000.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
