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Commentary
We still hold a neutral view on Bitcoin whilst the cryptocurrency remains below resistance at around $43,500.
The 50 day MA has moved below the 100 day MA and appears likely to cross the 200 day MA in the coming trading sessions triggering a sell signal.
Bitcoin has rallied in the past few days on the back of regulators proposing capital requirements dealing in crypto and El Salvador adopting Bitcoin as legal tender with the possibility of other South American countries following suit at some stage.
However, there is still significant amount of volatility on the market and if prices were consolidate below support at around $29,300 this could quickly lead to prices dropping towards $20,000.