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: A Sneak Preview of Bitcoin’s Halving — in Real Time

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: Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices

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 Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K
• Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

• 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 Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

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: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

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 Back in the Black for 2020
• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

• 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: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

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 Back in the Black for 2020

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

• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold
• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery

• 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 Back in the Black for 2020

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: Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

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

• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery
• Bitcoin Community Funds Italian Red Cross Medical Facility to Combat Coronavirus

• 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: Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

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: Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery

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 Community Funds Italian Red Cross Medical Facility to Combat Coronavirus
• Bitcoin’s Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

• 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: Up 3%: Bitcoin Leaves S&P 500 Behind in Year-To-Date Recovery

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 Community Funds Italian Red Cross Medical Facility to Combat Coronavirus

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 Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling
• Ether Rises to 28-Day High Amid Positive Sentiment for Coming ‘Eth 2.0’ Upgrade

• 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 Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

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: Ether Rises to 28-Day High Amid Positive Sentiment for Coming ‘Eth 2.0’ Upgrade

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, Equities Markets Rally on Signs of Hope
• Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

• 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, Equities Markets Rally on Signs of Hope

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: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

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 Extends Rally as Trading Volume for CME Futures Hits Three-Week High
• Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed

• 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: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

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 Extends Rally as Trading Volume for CME Futures Hits Three-Week 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

• Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed
• Bitcoin Enters Historically Strong Quarter With 3% Price Gain

• 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 Extends Rally as Trading Volume for CME Futures Hits Three-Week High

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 Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain
• Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s 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: CME Bitcoin Futures Volume Hits 3-Week High as Bitcoin Extends Rally

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 Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain
• Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s 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: Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Briefly Tops $7K as Traders Say Worst of 2020 Selloff May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Blows Past $7K in Sudden 14% Jump

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s 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

• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic
• As Crypto Prices Reeled in Q1, These Coins Stood Out

• 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 Takes Tumble, Traders Fret Correlation and Next Month’s 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: Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

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

• As Crypto Prices Reeled in Q1, These Coins Stood Out
• Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch

• 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: Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

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: As Crypto Prices Reeled in Q1, These Coins Stood Out

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

• Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch
• Bitcoin Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

• 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: As Crypto Prices Reeled in Q1, These Coins Stood Out

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: Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch

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: Cannabis Shops Are Using Zap’s Lightning App During Coronavirus Cash Crunch

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 Ends Q1 Down 10%, Outperforming Equities in 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

• Bitcoin All-Time High in 2020? Chances Are Only 4%, Options Market Signals
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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: Bitcoin Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

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 All-Time High in 2020? Chances Are Only 4%, Options Market Signals

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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