CoinDesk Crypto

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal
• Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

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

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K
• Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find
• Oil Prices Are Now More Volatile Than Bitcoin

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Oil Prices Are Now More Volatile Than Bitcoin
• Bitcoin News Roundup for Feb. 20, 2020

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Oil Prices Are Now More Volatile Than Bitcoin

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin News Roundup for Feb. 20, 2020
• Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Oil Prices Are Now More Volatile Than Bitcoin

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin News Roundup for Feb. 20, 2020

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months
• Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)
• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’
• UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Bulls Back in the Driver’s Seat as Price Crosses $10K
• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Bulls Back in the Driver’s Seat as Price Crosses $10K

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline
• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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