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

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 Rises Back to $8.8K Even as Futures on US Stocks Drop

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: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment
• Bitcoin Whale Addresses Hit Highest Number Since August 2019

• 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: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

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 Whale Addresses Hit Highest Number Since August 2019

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

• The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions
• BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

• 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 Whale Addresses Hit Highest Number Since August 2019

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: The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions

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

• BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits
• Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

• 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: The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions

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: BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

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

• Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report
• Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies

• 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: BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

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: Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

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

• Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
• First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks

• 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: Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

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: Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies

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: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks
• Bitcoin Options Trading Volumes Surge as Price Moves Above $9.4K

• 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: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks

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 Options Trading Volumes Surge as Price Moves Above $9.4K

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: Bitcoin’s Price Tear Suggests It’s FOMO Time Again
• Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

• 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 Options Trading Volumes Surge as Price Rockets Above $9.4K

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: Bitcoin’s Price Tear Suggests It’s FOMO Time Again

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 Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks
• Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900

• 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’s Price Tear Suggests It’s FOMO Time Again

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 Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

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

• Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900
• Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

• 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 Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

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: Coinbase, Kraken Suffer Temporary Outages as Bitcoin Soars as High as $8,900

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 Wallets Are Adopting This Tech to Simplify Lightning Payments
• Bitcoin Rises Above $8.1K, Clinching an April Gain for Fifth Year Running

• 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 Wallets Are Adopting This Tech to Simplify Lightning Payments

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 Rises Above $8.1K as Bull’s Eye April Gain for Fifth Year Running

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: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality
• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

• 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 Wallets Are Adopting This Tech to Simplify Lightning Payments

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 Rises Above $8.1K as Bulls Eye April Gain for Fifth Year Running

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: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality
• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

• 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 Rises Above $8.1K as Bulls Eye April Gain for Fifth Year Running

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: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality

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: Bitcoin Edges Up to $7.7K as Mining Power Rebounds
• Stacking Sats? Small Bitcoin Holders on the Rise, 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: First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality

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: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

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

• Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests
• Bitcoin’s Halving Is Irrelevant for Some Large Traders

• 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 Edges Up to $7.7K as Mining Power Rebounds

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: Stacking Sats? Small Bitcoin Holders on the Rise, 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

• Bitcoin’s Halving Is Irrelevant for Some Large Traders
• Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 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: Stacking Sats? Small Bitcoin Holders on the Rise, 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: Bitcoin’s Halving Is Irrelevant for Some Large Traders

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 Rally Pauses Near $7.8K After Longest Winning Run in 8 Months
• Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

• 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’s Halving Is Irrelevant for Some Large Traders

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 Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

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 a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer
• Market Wrap: Ether Up 50% in 2020, Hits $200 on Sunday

• 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 Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

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: Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

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: Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

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: Ether Up 50% in 2020, Hits $200 on Sunday

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 Hits Highest Level Since Black Thursday Amid Halving Buzz
• First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins

• 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: Ether Up 50% in 2020, Hits $200 on Sunday

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 Hits Highest Level Since Black Thursday Amid Halving Buzz

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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