CoinDesk Crypto

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

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

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

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

Related: Market Wrap: Bitcoin Stuck in High $9K Range as Stocks Soar on Powell Comments

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

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

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

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

Related: Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Bitcoin’s 2020 Rally Sends Message to Capitalists as Despair on Wall Street Grows
• Bitcoin Battles for $10K as Gold Prints Over 7-Year High

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

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

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

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

Related: Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC

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

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

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

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

Related: First Mover: Bitcoin’s 2020 Rally Sends Message to Capitalists as Despair on Wall Street Grows

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Battles for $10K as Gold Prints Over 7-Year High
• Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week

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

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

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

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

Related: First Mover: Bitcoin’s 2020 Rally Sends Message to Capitalists as Despair on Wall Street Grows

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

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

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

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

Related: Bitcoin Battles for $10K as Gold Prints Over 7-Year High

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week
• CZ’s Twitter Feed Swayed New CoinMarketCap Ranking That Put Binance on Top

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

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

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

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

Related: Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week

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

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

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

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

Related: CZ’s Twitter Feed Swayed New CoinMarketCap Ranking That Put Binance on Top

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Options Trading at CME Surged to New Highs in Halving Week
• Market Wrap: Bitcoin’s Price Up 12% Since the Halving

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

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

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

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

Related: CZ’s Twitter Feed Swayed New CoinMarketCap Ranking That Put Binance on Top

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

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

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

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

Related: Bitcoin Options Trading at CME Surged to New Highs in Halving Week

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin’s Price Up 12% Since the Halving
• First Mover: As Fed Swats Down Negative Rates, Bitcoiners Wonder, ‘What If’

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

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

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

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

Related: Bitcoin Options Trading at CME Surged to New Highs in Halving Week

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

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

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

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

Related: Market Wrap: Bitcoin’s Price Up 12% Since the Halving

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: As Fed Swats Down Negative Rates, Bitcoiners Wonder, ‘What If’
• Bitcoin’s Price Has Bounced but Miners May Still Be Switching Off Post-Halving

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

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

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

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

Related: Market Wrap: Bitcoin’s Price Up 12% Since the Halving

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

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

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

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

Related: First Mover: As Fed Swats Down Negative Rates, Bitcoiners Wonder, ‘What If’

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Price Has Bounced but Miners May Still Be Switching Off Post-Halving
• Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price

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

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

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

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

Related: First Mover: As Fed Swats Down Negative Rates, Bitcoiners Wonder, ‘What If’

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

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

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

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

Related: Bitcoin’s Price Has Bounced but Miners May Still Be Switching Off Post-Halving

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price
• First Mover: Derivatives May Have Blunted the Halving’s Volatility Spike

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

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

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

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

Related: Bitcoin’s Price Has Bounced But Miners May Still Be Switching Off Post-Halving

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

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

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

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

Related: Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Derivatives May Have Blunted the Halving’s Volatility Spike
• Bitcoin Steady Near $9K as Trump Touts ‘Gift’ of Negative Interest Rates

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

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

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

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

Related: Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price

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

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

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

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

Related: First Mover: Derivatives May Have Blunted the Halving’s Volatility Spike

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Steady Near $9K as Trump Touts ‘Gift’ of Negative Interest Rates
• Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving

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

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

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

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

Related: First Mover: Derivatives May Have Blunted the Halving’s Volatility Spike

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

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

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

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

Related: Bitcoin Steady Near $9K as Trump Touts ‘Gift’ of Negative Interest Rates

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving
• Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

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

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

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

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

Related: Bitcoin Steady Near $9K as Trump Touts ‘Gift’ of Negative Interest Rates

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

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

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

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

Related: Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin
• First Mover: Dull Bitcoin Halving Salvaged by Satoshi Tribute in Block 629,999

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

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

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

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

Related: Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving

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

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

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

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

Related: Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Dull Bitcoin Halving Salvaged by Satoshi Tribute in Block 629,999
• Third Halving Turns Out to Be Non-Event for Bitcoin’s Price

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

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

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

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

Related: Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Third Halving Turns Out to Be Non-Event for Bitcoin’s Price
• Market Wrap: Where Does Bitcoin Go After the Halving?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

Related: Michelle Phan: The Beauty of Bitcoin

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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