Skip to main content

CoinDesk Crypto

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: BitMEX Open Interest Collapses After Controversial Long Squeeze

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin’s Approaching ‘Halving,’ Explained

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bitcoin: A Global Port in a Market Storm?

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin: A Global Port in a Market Storm?

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin, Gold Spike as Fed Reserve Unveils Unlimited Coronavirus Stimulus Package

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bailouts, Bitcoin, Disruption, Failures and Hope

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bailouts, Bitcoin, Disruption, Failures and Hope

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bitcoin Bumps Up, but for How Long?

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: As this Crisis Worsens, Bitcoin Will Become a Safe Haven Again

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bitcoin Bumps Up, but for How Long?

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Bumps Up, but for How Long?

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: The Puell Multiple Is Turning Bullish on Bitcoin

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk

Bitcoin Keeps Failing at This Key Price Hurdle

6 years 10 months ago

View
  • A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
  • The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
  • A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
  • Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: The Puell Multiple Is Turning Bullish on Bitcoin

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Daily chart

Related: Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

Hourly chart

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

Related Stories
CoinDesk
Checked
7 minutes 30 seconds ago
CoinDesk Crypto
Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with analysis, video and live price updates.
Subscribe to CoinDesk Crypto feed