Bitcoin: Cautious Range, Support and Nervous Speculators

Robert Petrucci

BTC/USD is near short-term highs but continues to traverse within what has become a cautious range as incremental decreases have dominated recent trading.

BTC/USD is trading within sight of 44100.00 as nearby support and resistance levels are constantly barraged. A high slightly above the 44400.00 was touched early today, but this mark was pushed back rather quickly and BTC/USD remains within a range which can be described as cautious. A low of approximately 44050.00 was challenged early this morning and this will likely continue to make bullish speculators remain nervous.

Only a handful of days ago on the 19th of September, BTC/USD traded near the 48400.00 mark. However, after attaining highs over the weekend, the cryptocurrency has found headwinds rather steady and has once again incrementally lowered in value. On the 21st of September, BTC/USD traded near the 39500.00 value momentarily. Bitcoin traders are accustomed to moves of one thousand USD taking place with swift strikes, but it remains important to tell speculators that efficient risk management is always crucial when trading BTC/USD.

BTC/USD is trading near values seen the second week of August. However, when the early August values were being traded, it was while a climb upwards was underway, after Bitcoin and its major counterparts had begun to fight off lows seen the third week of July. After reaching a high on the 7th of September near 53000.00, BTC/USD has dealt with a decrease in value within its typical signature of choppy trading.

If current support levels near the 44100.00 to 44050.00 begin to see a sustained test and are penetrated lower, speculative elements in BTC/USD could become anxious. The cryptocurrency has not shown an ability to sustain a move higher in a sincere manner since the 13th of September until the 19th. Yesterday's and today’s slight move higher will remain in question until resistance near the 44600.00 mark can be tested and punctured.

Selling BTC/USD may continue to be the correct speculative wager for adventurous traders. Downside price momentum can be pursued on slight moves upward that do not break short-term resistance levels. Traders aiming for support as take profit orders near the 44050.00 to 44000.00 should be ready to act quickly. The bearish trend in BTC/USD does not look like it is finished quite yet and traders may want to continue to pursue downward potential.

Bitcoin Short-Term Outlook

Current Resistance: 44700.00

Current Support: 44030.00

High Target: 45700.00

Low Target: 42800.00

BTC/USD

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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