CoinDesk Crypto

• 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 Rallies After Biggest Weekly Drop Since November

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.

Related: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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.

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

• Yemen’s Civil War Shows the Dangers of Crypto
• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

• 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: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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.

Related: Yemen’s Civil War Shows the Dangers of Crypto

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.

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

• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving
• Bitcoin News Roundup for Feb. 28, 2020

• 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: Yemen’s Civil War Shows the Dangers of Crypto

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.

Related: As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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.

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

• Bitcoin News Roundup for Feb. 28, 2020
• Bitcoin Closes on First February Price Loss Since 2014

• 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 Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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.

Related: Bitcoin News Roundup for Feb. 28, 2020

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.

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

• Bitcoin Closes on First February Price Loss Since 2014
• Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

• 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 News Roundup for Feb. 28, 2020

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.

Related: Bitcoin Closes on First February Price Loss Since 2014

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.

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

• Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear
• Ether Futures Volume on FTX Hit Record Highs

• 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 Closes on First February Price Loss Since 2014

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.

Related: Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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.

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

• Ether Futures Volume on FTX Hit Record Highs
• Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

• 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: Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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.

Related: Ether Futures Volume on FTX Hit Record Highs

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.

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

• Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows
• Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

• 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: Ether Futures Volume on FTX Hit Record Highs

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.

Related: Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

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.

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

• Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off
• Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

• 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 Sees Corrective Price Bounce After Hitting One-Month Lows

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.

Related: Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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.

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

• Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter
• February Gains Disappear as Bitcoin Drops Below $9k

• 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: Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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.

Related: Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

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.

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

• February Gains Disappear as Bitcoin Drops Below $9k
• Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

• 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: Over $190 Million Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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.

Related: Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

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.

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

• February Gains Disappear as Bitcoin Drops Below $9k
• Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

• 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 Drove Half of Square’s Cash App Revenue in the 4th Quarter

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.

Related: February Gains Disappear as Bitcoin Drops Below $9k

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.

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

• Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength
• ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

• 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: February Gains Disappear as Bitcoin Drops Below $9k

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.

Related: Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

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.

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

• ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange
• Bitcoin Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

• 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 Erases 38% of 2020 Price Rally as Bears Gain Strength

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.

Related: ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

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.

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

• Bitcoin Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern
• Bitcoin’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

• 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: ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

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.

Related: Bitcoin Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

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.

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

• Bitcoin’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument
• How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

• 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 Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

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.

Related: Bitcoin’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

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.

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

• How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’
• $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

• 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 Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

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.

Related: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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.

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

• $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls
• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

• 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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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.

Related: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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.

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

• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
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• 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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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.

Related: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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.

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

• New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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.

Related: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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.

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

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