Bitcoin technicals: Bitcoin consolidates in up and down trading today
Holds near the 38.2% retracement at the low today
The technicals from the price action in Bitcoin today, is showing a consolidation after 10%+ plunge yesterday, with support holding on the downside.
The low today reached $9510. The high reached $10,149.88. We currently trade on Coinbase down -$130 at $9830.
At the low today, the digital currency stalled near the 38.2% of the move up from the March 6th low at $9528.35. The low moved below that level at $9510 earlier in the day, but was quickly reversed.
That gives the buyers some support. However, on a break, the momentum to the downside should be intensified. A move below the 38.2% would look toward the $9524 level for confirmation of more downside potential.
As I type the price has moved down about -$300 and gets closer to the key 38.2% retracement target.