CoinDesk Crypto

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: First Mover: Dull Bitcoin Halving Salvaged By Satoshi Tribute in Block 629,999

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Third Halving Turns Out to Be Non-Event for Bitcoin’s Price

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Where Does Bitcoin Go After the Halving?
• Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Market Wrap: Where Does Bitcoin Go After the Halving?

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Ashton Kutcher and Michelle Phan Invest in Lolli’s $3M Seed Round
• Bitcoin’s 8% Drop Triggers Largest Liquidation on BitMEX in 2 Months

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Ashton Kutcher and Michelle Phan Invest in Lolli’s $3M Seed Round

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s 8% Drop Triggers Largest Liquidation on BitMEX in 2 Months
• First Mover: As Bitcoin’s Halving Finally Arrives, a Price Retreat Deflates the Hype

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Michelle Phan: The Beauty of Bitcoin

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Market Wrap: Interest in Bitcoin Rises as Prices Near $10K, but Can It Continue?

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• 3 Straight Record Days Drive CME Bitcoin Futures Open Interest to All-Time High
• Most Bitcoin Buyers Are in the Money Ahead of the Halving, Data Suggests

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Market Wrap: Interest in Bitcoin Rises as Prices Near $10K, but Can It Continue?

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: 3 Straight Record Days Drive CME Bitcoin Futures Open Interest to All-Time High

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Most Bitcoin Buyers Are in the Money Ahead of the Halving, Data Suggests
• Open Positions on Bitcoin Options Pass $1B for First Time

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Most Bitcoin Buyers Are in the Money Ahead of the Halving, Data Suggests

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Open Positions on Bitcoin Options Pass $1B for First Time

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Search Interest in Bitcoin’s Halving Reaches Fever Pitch as Price Hits $10K
• Bitcoin Outperforming Gold and Stocks so Far This Month

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Open Positions on Bitcoin Options Pass $1B for First Time

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: Search Interest in Bitcoin’s Halving Reaches Fever Pitch as Price Hits $10K

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Outperforming Gold and Stocks so Far This Month
• First Mover: Bitcoin’s ‘Halving’ Is Coming Even Sooner Than You Realize

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Outperforming Gold and Stocks so Far This Month

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: Bitcoin’s ‘Halving’ Is Coming Even Sooner Than You Realize

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• ‘Black Thursday’ Distortion Makes Bitcoin Options Look Cheaper
• First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: ‘Black Thursday’ Distortion Makes Bitcoin Options Look Cheaper

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
• Why Binance and Akon Are Betting on Africa for Crypto Adoption

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Why Binance and Akon Are Betting on Africa for Crypto Adoption
• Amun Launches Token Tracking the Inverse of Bitcoin’s Price

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: First Mover: U.S. Arms of Binance, FTX Push Into Margin Trading, But Likely Not at 100x

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Why Binance and Akon Are Betting on Africa for Crypto Adoption
• Amun Launches Token Tracking the Inverse of Bitcoin’s Price

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Market Wrap: Bitcoin Volatility Higher Than S&P 500 Again but Lower Than Oil

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Briefly Hits $9K, Investors Remain Bullish
• Iran Issues License for Nation’s Biggest Bitcoin Mining Operation

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Fails at $9K Hurdle Again, But Data Suggests Investors Are Bullish

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
• Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin in Emerging Markets: The Middle East
• Bitcoin Price May Drop After Halving, Historical Data Shows

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: First Mover: Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin in Emerging Markets: The Middle East

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price May Drop After Halving, Historical Data Shows
• Crypto Long & Short: Why Bitcoin’s Big Rally Is a Sign of Its Economic Resilience

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Crypto Long & Short: Why Bitcoin’s Big Rally Is a Sign of Its Economic Resilience

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Miners Usually Create 6 Blocks per Hour. They Just Banged Out 16

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: May Opens With Equities Lower While Bitcoin Steady at $8.7K
• Interest in Gold-Backed Token Trading Grows Amid Supply Disruptions

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Miners Usually Create 6 Blocks per Hour. They Just Banged Out 16

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Market Wrap: May Opens With Equities Lower While Bitcoin Steady at $8.7K

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Interest in Gold-Backed Token Trading Grows Amid Supply Disruptions
• Blockchain Bites: Bitcoin Whales and American Buyers May Be Driving This Rally

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

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The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: American Buyers Are Fueling Bitcoin’s Rally, Data Suggests

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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 remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: American Buyers Are Fueling Bitcoin’s Rally, Data Suggests

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rises Back to $8.8K Even as US Stock Futures Drop
• Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: American Buyers Are Fueling Bitcoin’s Rally, Data Suggests

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rises Back to $8.8K Even as Futures on US Stocks Drop
• Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment