Little action In BTC as traders eye US negotiations on the national debt

Bitcoin is trading lower slightly today, down $136 or 0.5% as of 7:40 EDT. We have seen muted action lately not giving us many hints as to the future direction of the asset other than Friday’s exaggerated low. 

The extended low on Friday’s daily candle hints the bears might hold a slight advantage. However, they would have to force a close below key support at the 61.8% retracement ($26,655). Other than a brief dip below the 61.8% retracement on Friday, this area has held strong over the past 2 months. Unfortunately, Friday’s dip did knock us out of our trade leaving us sidelined currently. We will remain flat and see if we do in fact get a further drop to the next level of support which is made up of the 100-day and 200-week moving averages at roughly $26,000. After that, the next level of support comes in at $25,000.