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

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 Volumes Surge as Price Moves Above $9.4K

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

• 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 Volumes Surge as Price Rockets Above $9.4K

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 Tear Suggests It’s FOMO Time Again

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

• 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 Tear Suggests It’s FOMO Time Again

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

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

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

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

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

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

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

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

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

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

• 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 Wallets Are Adopting This Tech to Simplify Lightning Payments

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

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

• 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 Wallets Are Adopting This Tech to Simplify Lightning Payments

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

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

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

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

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 Edges Up to $7.7K as Mining Power Rebounds
• Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

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

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 Edges Up to $7.7K as Mining Power Rebounds

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

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

• 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 Edges Up to $7.7K as Mining Power Rebounds

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: Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

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

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 Halving Is Irrelevant for Some Large Traders

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

• Bitcoin’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 Halving Is Irrelevant for Some Large Traders

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

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

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

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

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

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: Ether Up 50% in 2020, Hits $200 on Sunday
• Bitcoin Hits Highest Level Since Black Thursday Amid Halving Buzz

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

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

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

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

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 Hits Highest Level Since Black Thursday Amid Halving Buzz

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: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins
• Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

• 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 Hits Highest Level Since Black Thursday Amid Halving Buzz

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: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins

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 Steady at $7.5K as Short Sellers Back Off
• Why Global Deflation May Not Be Bad News for 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: First Mover: Ether Trounces Bitcoin as Network See Surge in Stablecoins

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 Steady at $7.5K as Short Sellers Back Off

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

• Why Global Deflation May Not Be Bad News for Bitcoin
• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

• 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 Steady at $7.5K as Short Sellers Back Off

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: Why Global Deflation May Not Be Bad News for 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

• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows
• First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on 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: Why Global Deflation May Not Be Bad News for 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: Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

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: Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

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 Jumps as Fed Assets Top $6.5T and Traders Focus on 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

• Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis
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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: First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on 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: Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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