CoinDesk Crypto

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Bailouts, Bitcoin, Disruption, Failures and Hope

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again
• Bitcoin Bumps Up, but for How Long?

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: Bailouts, Bitcoin, Disruption, Failures and Hope

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Bumps Up, but for How Long?
• The Puell Multiple Is Turning Bullish on Bitcoin

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Bitcoin Bumps Up, but for How Long?

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• The Puell Multiple Is Turning Bullish on Bitcoin
• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Bitcoin Bumps Up, but for How Long?

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• The Puell Multiple Is Turning Bullish on Bitcoin
• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: Bitcoin Bumps Up, but for How Long?

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: The Puell Multiple Is Turning Bullish on Bitcoin

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K
• What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: The Puell Multiple Is Turning Bullish on Bitcoin

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

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

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition
• Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis
• Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis
• Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations
• Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets
• CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades
• Controversial Group Behind Coronavirus Tracking App Has Crypto Ties

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

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The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Controversial Group Behind Coronavirus Tracking App Has Crypto Ties

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Faces Another Down Day as Equities Reject Stimulus Efforts
• Canadians Get US Jail Time for Stealing 23 Bitcoin in Twitter Scam

• Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
• A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
• Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.

Related: Controversial Group Behind Coronavirus Tracking App Has Crypto Ties

The cryptocurrency dipped to $8,985 on Thursday, below the 200-day MA, but soon recovered. On similar lines, Tuesday’s dip below the key average was shallow and short-lived.

Similarly, BTC came close to testing the MA at $9,046 during the Asian trading hours today before jumping back to highs near $9,200.

The repeated defense of the major support indicates the low-volume pullback from the high of $10,350 reached last Friday has likely ended and the risks are skewed to the upside.

As of writing, BTC is changing hands at $9,120 on Bitstamp, representing a 0.40 percent gain on a 24-hour basis.

Related: Bitcoin Faces Another Down Day as Equities Reject Stimulus Efforts

BTC is defending the 200-day MA for the third straight day.

The cryptocurrency formed a doji candle on Thursday, which occurs when the market witnesses two-way business and a flat end of the day close (UTC). Usually, that candlestick pattern is taken as a sign of indecision in the market place.

The latest pattern, however, has appeared following a $1,000 pullback from $10,350 and represents indecision or exhaustion among sellers near the 200-day MA support.

As a result, a bounce, possibly to the 100-day MA at $9,601, may be in the offing in the next 24 hours or so.

Note that trading volumes dropped as prices pulled back from $10,350 to $9,000. A low-volume pullback is often reversed, so, a rally all the way back to $10,350 could be on the cards.

Bitcoin has also failed three times in the last six days to close above the 100-day MA. Therefore, if the bulls can pull off a UTC close above the average, it will likely invite stronger buying pressure and lead to a move above$10,350.

Bitcoin jumped 28 percent in the three days to Oct.27, reinforcing the bullish view put forward by the 100-candle MA’s move above the 200-candle MA (bull cross) confirmed in mid-October.

Further, the sharp rise was also backed by the highest trading volume since February 2018. The path of least resistance, therefore, is to the higher side.

The case for a rise to $9,600 in the next 24 hours would weaken if the horizontal support line at $8,977 seen in the above chart is breached with strong volumes.

That would expose support lined up at $8,820 (Oct. 11 high). A violation there would prove costly as the next major support is lined up directly near$8,400.

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

Bitcoin image via Shutterstock; charts by Trading View

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