Bitcoin Tests Important Price Level After Dramatic Plunge

While Bitcoin may look like it will continue to crash and burn, its chart suggests it could be trying to find at least a temporary price floor.

Technical analysts say it’s way too soon to say whether the price of the cryptocurrency is bottoming, after its stunning collapse, but they are watching the 100-day moving average on the Bitcoin chart.

Bitcoin prices, and therefore charts, vary, but the technicians put the 100-day moving average right around $10,000. Bitcoin fell through that level on Wednesday. Other data puts the 100-day closer to $9,000. According to CNBC.com’s chart, Bitcoin hit a low Wednesday of $9,230, less than half its all-time high reached in December. It was just above $10,000 in afternoon trading, down about 13.5 percent.

read more at cnbc.com

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