BTC joins in major sell-off across markets

Today’s sell-off across most major asset classes included Bitcoin as BTC fell to $10,265 at the lows. Since then BTC futures have recovered and currently as of 5 PM EST are trading at $10,505 down $375 (-3.45%) for the session.

From a technical standpoint BTC futures did close below the 23% Fibonacci retracement level. It was the moving averages however that seemed to dictate the price range today, as they have for the last few weeks. BTC opened today right below the 50-day moving average support still remains at the 100-day moving average. So effectively prices remain sandwiched between the two major moving averages and are now fixed right in the middle of these two technical indicators.

Once again, the sell-off was in tandem with safe haven assets such as gold and silver and on a percentage basis lost more than gold but less than that of silver. Were prices go from here is hard to say but as long as the 100-day moving average holds as support sideways market action with higher volatility is likely. If it breaks above the 50-day or below the 100-day M.A. then the direction would likely be higher or lower depending on the direction of the breakout.