CoinDesk Crypto

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: More Profit-Taking? Bitcoin Price Sags 7% Ahead of Easter Weekend

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Coronavirus Has Erased 33% of Crypto Scammers’ Revenue: Chainalysis

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice
• Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Coronavirus Has Erased 33% of Crypto Scammers’ Revenue: Chainalysis

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot
• Bitcoin Garners New Users as Governments Flood World With Fiat

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Garners New Users as Governments Flood World With Fiat
• What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Garners New Users as Governments Flood World With Fiat

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review
• This Visa Card Gives Bitcoin Rewards on Dollars Spent

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Garners New Users as Governments Flood World With Fiat

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• This Visa Card Gives Bitcoin Rewards on Dollars Spent
• First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: This Visa Card Gives Bitcoin Rewards on Dollars Spent

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same
• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: This Visa Card Gives Bitcoin Rewards on Dollars Spent

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K
• Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: This Visa Credit Card Gives Bitcoin Rewards on Dollars Spent

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K
• Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices
• Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K
• Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Bitcoin’s Back in the Black for 2020
• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Bitcoin’s Back in the Black for 2020

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold
• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: Bitcoin’s Back in the Black for 2020

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery
• Bitcoin Community Funds Italian Red Cross Medical Facility to Combat Coronavirus

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Community Funds Italian Red Cross Medical Facility to Combat Coronavirus
• Bitcoin’s Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Up 3%: Bitcoin Leaves S&P 500 Behind in Year-To-Date Recovery

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Community Funds Italian Red Cross Medical Facility to Combat Coronavirus

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling
• Ether Rises to 28-Day High Amid Positive Sentiment for Coming ‘Eth 2.0’ Upgrade

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin’s Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Ether Rises to 28-Day High Amid Positive Sentiment for Coming ‘Eth 2.0’ Upgrade

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin, Equities Markets Rally on Signs of Hope
• First Mover: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin, Equities Markets Rally on Signs of Hope

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Ether-Bitcoin Price Volatility Spread Hits 4-Month Low
• Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High
• Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed
• Bitcoin Enters Historically Strong Quarter With 3% Price Gain

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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