​Bitcoin Comes Off Record High And Slips Through April-To-August Uptrend Line.

(MENAFN- DailyFX (IG)) ​​Bitcoin bearish scenario:

Monday's slip through the April-to-August uptrend line at $116,864.00 is short-term bearish.

A fall through the 55-day simple moving average (SMA) at $114,985.24 may put the key May peak-to-early August low support area at $111,982.45-to-$111,965.80 on the map.

Further potential support can be found at the $110,617.03 June peak.

Bitcoin bullish scenario:

If Bitcoin were to hold around the 55-day simple moving average (SMA) at $114,985.24 and then rise above Sunday's $118,624.45 high, another up leg may take it towards the mid-to-late-July highs at $119,815.35-to-$121,012.09. These levels are likely to act as resistance, though.

If not, the July peak at $123,181.77 and also the current August record high at $124,277.50 may be back in the frame.

Bitcoin chart Source: TradingView Source: IG Important to know

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