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: Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

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: Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

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

• UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook
• US, European Stocks Up but Crypto Traders Remain Cautious

• 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: UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

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: US, European Stocks Up but Crypto Traders Remain Cautious

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

• Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin
• Miners Are Selling More Bitcoin Than They Are Mining

• 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: US, European Stocks Up but Crypto Traders Remain Cautious

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: Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin

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

• Miners Are Selling More Bitcoin Than They Are Mining
• Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

• 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: Miners Are Selling More Bitcoin Than They Are Mining

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: Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

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

• We Won’t Ever Think About the Financial System the Same Way
• Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

• 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: Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

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: We Won’t Ever Think About the Financial System the Same Way

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 in Rangebound Trading as Equity Markets Fail to See Stimulus Boost
• Bitcoin Mining Difficulty Posts Second-Biggest Percentage Drop in Its History

• 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: We Won’t Ever Think About the Financial System the Same Way

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 in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

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 Mining Difficulty Posts Second-Biggest Percentage Drop in Its History
• US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

• 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 in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

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: US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

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

• Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com
• Bitcoin Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

• 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: US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

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: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com

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 Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package
• Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan

• 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: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com

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 Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

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

• Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan
• Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

• 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 Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

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: Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan

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

• Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill
• BitMEX Open Interest Collapses After Controversial Long Squeeze

• 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: Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

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: BitMEX Open Interest Collapses After Controversial Long Squeeze

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 Halving, Explained
• Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

• 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 Approaching ‘Halving,’ Explained

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 Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

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 and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis
• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

• 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 Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

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 and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis

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

• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree
• Bitcoin: A Global Port in a Market Storm?

• 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 and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis

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: Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

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: A Global Port in a Market Storm?
• Into the Unknown: No Limit on Fed Money Injections

• 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: Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

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: A Global Port in a Market Storm?

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

• Into the Unknown: No Limit on Fed Money Injections
• Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

• 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: A Global Port in a Market Storm?

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: Into the Unknown: No Limit on Fed Money Injections

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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package
• Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

• 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: Into the Unknown: No Limit on Fed Money Injections

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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

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

• Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks
• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls

• 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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

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: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

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

• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls
• Bailouts, Bitcoin, Disruption, Failures and Hope

• 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, Gold Spike as Fed Reserve Unveils Unlimited Coronavirus Stimulus Package

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: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

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

• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls
• Bailouts, Bitcoin, Disruption, Failures and Hope

• 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: Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls

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.

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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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