CoinDesk Crypto

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Bulls Back in the Driver’s Seat as Price Crosses $10K

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline
• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’
• Derivatives Exchange Deribit Launches Daily Ether Options

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Derivatives Exchange Deribit Launches Daily Ether Options
• Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Derivatives Exchange Deribit Launches Daily Ether Options

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist
• Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Derivatives Exchange Deribit Launches Daily Ether Options

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K
• From Crypto Self-Custody to Music Rights, This Mother-Daughter Dev Team Does It All

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: From Crypto Self-Custody to Music Rights, This Mother-Daughter Dev Team Does It All

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• For Crypto Miners, Bitcoin’s Halving Could Mean a Doubling in Costs
• Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: From Crypto Self-Custody to Music Rights, This Mother-Daughter Dev Team Does It All

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: For Crypto Miners, Bitcoin’s Halving Could Mean a Doubling in Costs

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally
• US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: For Crypto Miners, Bitcoin’s Halving Could Mean a Doubling in Costs

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer
• Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself
• $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle
• Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage
• Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K
• Bitcoin Price Hits 5-Month High Above $10,350

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price Hits 5-Month High Above $10,350
• Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Price Hits 5-Month High Above $10,350

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin
• Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

• Bitcoin’s short-term 50-period moving average is edging closer toward the longer-term 100-period moving average on the weekly chart, hinting at a potential bullish “golden cross” formation for the first time in 3.5 years.
• In the shorter term, however, total weekly volume has fallen period-to-period as indecision continues to grip the market.
• Price action is caught between the 100-day and 200-day moving averages (MAs). The next major move either way is likely to determine trend bias going forward, if a firm close above or below those averages is confirmed.

Bitcoin (BTC) looks on track to produce a bullish long-term signal not seen in 3.5 years.

The 50-period and the 100-period MAs have edged closer together on the weekly chart after BTC rebounded from $7,293 to $10,350 on Oct. 26, according to Bitstamp data.

A cross of the 50-period MA moving up above the slower 100-period MA, known as a golden cross, generally hints at a strong shift in a trend and can act as confirmation of a bullish bias for the long-term view.

Related: Bitcoin Drops Over 3% Despite Golden Cross and Bank Calls for More US Stimulus

The last time that bull cross occurred on the weekly chart was way back in May 2016, when the price of BTC started rising from $438 to near $20,000 in December 2017 – a 4,800 percent increase. If the MA’s continue to converge as currently, the cross looks likely in late December or early 2020, but it’s still too early for a precise call.

There is inherent risk involved with making such comparisons from previous years, as market conditions have changed significantly. Yet there is merit for seeking additional confirmation in the long-term trend, since BTC’s miner reward halving in May 2020 is likely to stir up a bunch of market activity as the supply-cutting event approaches.

Total weekly volume has shrunk from two weeks ago, an indication of market indecision on a fairly stagnant price, while the RSI is barely trending bullish above 52.7 (neutral being 50).

Related: Market Wrap: Bitcoin Rebounds to $9,500 After Scary Sell-Off

However, should the two lines converge and then cross bullish,  that would be a strong indication that the 2019 reversal rally has legs. With a strong fundamental event for BTC occurring right around the corner, it’s important to take note of the bullish signals on larger time frames.

More immediately, the daily chart suggests market equilibrium, as prices have been largely stuck within a $650 range for nearly two weeks.

BTC’s price action has been caught between the 100-day and 200-day MAs for 12 days.

Generally speaking, when prices are above the 200-day MA, the long-term trend can be considered bullish. Conversely, if prices are beneath the 100-day MA then that is an indication of mid-term (30-60 day) bearish conditions.

The current scenario highlights the indecisive sentiment felt across the market. A repeated failure to close above the 100-day MA could open up doors to $8,800 in the immediate short-term, as previously discussed.

Indecision will continue until a firm close above $9,573 (100-day MA) or below $9,180 (200-day MA) occurs with conviction, until then, continued sideways ranging can be expected.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by TradingView

• Price Drops 7% in an Hour After Bitcoin Sees a Ghost
• 50 BTC Just Moved for First Time Since 2009 – But It Doesn’t Look Like Satoshi

• Bitcoin’s short-term 50-period moving average is edging closer toward the longer-term 100-period moving average on the weekly chart, hinting at a potential bullish “golden cross” formation for the first time in 3.5 years.
• In the shorter term, however, total weekly volume has fallen period-to-period as indecision continues to grip the market.
• Price action is caught between the 100-day and 200-day moving averages (MAs). The next major move either way is likely to determine trend bias going forward, if a firm close above or below those averages is confirmed.

Bitcoin (BTC) looks on track to produce a bullish long-term signal not seen in 3.5 years.

The 50-period and the 100-period MAs have edged closer together on the weekly chart after BTC rebounded from $7,293 to $10,350 on Oct. 26, according to Bitstamp data.

A cross of the 50-period MA moving up above the slower 100-period MA, known as a golden cross, generally hints at a strong shift in a trend and can act as confirmation of a bullish bias for the long-term view.

Related: Market Wrap: Bitcoin Rebounds to $9,500 After Scary Sell-Off

The last time that bull cross occurred on the weekly chart was way back in May 2016, when the price of BTC started rising from $438 to near $20,000 in December 2017 – a 4,800 percent increase. If the MA’s continue to converge as currently, the cross looks likely in late December or early 2020, but it’s still too early for a precise call.

There is inherent risk involved with making such comparisons from previous years, as market conditions have changed significantly. Yet there is merit for seeking additional confirmation in the long-term trend, since BTC’s miner reward halving in May 2020 is likely to stir up a bunch of market activity as the supply-cutting event approaches.

Total weekly volume has shrunk from two weeks ago, an indication of market indecision on a fairly stagnant price, while the RSI is barely trending bullish above 52.7 (neutral being 50).

Related: Price Drops 7% in an Hour After Bitcoin Sees a Ghost

However, should the two lines converge and then cross bullish,  that would be a strong indication that the 2019 reversal rally has legs. With a strong fundamental event for BTC occurring right around the corner, it’s important to take note of the bullish signals on larger time frames.

More immediately, the daily chart suggests market equilibrium, as prices have been largely stuck within a $650 range for nearly two weeks.

BTC’s price action has been caught between the 100-day and 200-day MAs for 12 days.

Generally speaking, when prices are above the 200-day MA, the long-term trend can be considered bullish. Conversely, if prices are beneath the 100-day MA then that is an indication of mid-term (30-60 day) bearish conditions.

The current scenario highlights the indecisive sentiment felt across the market. A repeated failure to close above the 100-day MA could open up doors to $8,800 in the immediate short-term, as previously discussed.

Indecision will continue until a firm close above $9,573 (100-day MA) or below $9,180 (200-day MA) occurs with conviction, until then, continued sideways ranging can be expected.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by TradingView

• 50 BTC Just Moved for First Time Since 2009 – But It Doesn’t Look Like Satoshi
• Bitcoin Options: Deribit Exchange Sees Record Open Interest of $1B

• Bitcoin’s short-term 50-period moving average is edging closer toward the longer-term 100-period moving average on the weekly chart, hinting at a potential bullish “golden cross” formation for the first time in 3.5 years.
• In the shorter term, however, total weekly volume has fallen period-to-period as indecision continues to grip the market.
• Price action is caught between the 100-day and 200-day moving averages (MAs). The next major move either way is likely to determine trend bias going forward, if a firm close above or below those averages is confirmed.

Bitcoin (BTC) looks on track to produce a bullish long-term signal not seen in 3.5 years.

The 50-period and the 100-period MAs have edged closer together on the weekly chart after BTC rebounded from $7,293 to $10,350 on Oct. 26, according to Bitstamp data.

A cross of the 50-period MA moving up above the slower 100-period MA, known as a golden cross, generally hints at a strong shift in a trend and can act as confirmation of a bullish bias for the long-term view.

Related: Price Drops 7% in an Hour After Bitcoin Sees a Ghost

The last time that bull cross occurred on the weekly chart was way back in May 2016, when the price of BTC started rising from $438 to near $20,000 in December 2017 – a 4,800 percent increase. If the MA’s continue to converge as currently, the cross looks likely in late December or early 2020, but it’s still too early for a precise call.

There is inherent risk involved with making such comparisons from previous years, as market conditions have changed significantly. Yet there is merit for seeking additional confirmation in the long-term trend, since BTC’s miner reward halving in May 2020 is likely to stir up a bunch of market activity as the supply-cutting event approaches.

Total weekly volume has shrunk from two weeks ago, an indication of market indecision on a fairly stagnant price, while the RSI is barely trending bullish above 52.7 (neutral being 50).

Related: 50 BTC Just Moved for First Time Since 2009 – But It Doesn’t Look Like Satoshi

However, should the two lines converge and then cross bullish,  that would be a strong indication that the 2019 reversal rally has legs. With a strong fundamental event for BTC occurring right around the corner, it’s important to take note of the bullish signals on larger time frames.

More immediately, the daily chart suggests market equilibrium, as prices have been largely stuck within a $650 range for nearly two weeks.

BTC’s price action has been caught between the 100-day and 200-day MAs for 12 days.

Generally speaking, when prices are above the 200-day MA, the long-term trend can be considered bullish. Conversely, if prices are beneath the 100-day MA then that is an indication of mid-term (30-60 day) bearish conditions.

The current scenario highlights the indecisive sentiment felt across the market. A repeated failure to close above the 100-day MA could open up doors to $8,800 in the immediate short-term, as previously discussed.

Indecision will continue until a firm close above $9,573 (100-day MA) or below $9,180 (200-day MA) occurs with conviction, until then, continued sideways ranging can be expected.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by TradingView

• Bitcoin Options: Deribit Exchange Sees Record Open Interest of $1B
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