CoinDesk Crypto

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Blows Past $7K in Sudden 14% Jump

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Enters Historically Strong Quarter With 3% Price Gain

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Enters Historically Strong Quarter With 3% Price Gain

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s Halving

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s Halving

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

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

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

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

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

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

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

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

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

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

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

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

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin All-Time High in 2020? Chances Are Only 4%, Options Market Signals
• Bitcoin’s Lightning Becomes Latest Protocol to Court Publishers With Micropayments

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

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

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Lightning Becomes Latest Protocol to Court Publishers With Micropayments
• Bitcoin’s Recent Recovery Won’t Salvage a Terrible Month for Prices

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin’s Recent Recovery Won’t Salvage a Terrible Month for Prices

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Crypto Markets Can Never Close, and That’s a Good Thing

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal
• Bitcoin Follows Stock Markets Higher; How Long Will They Move in Lockstep?

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Crypto Markets Can Never Close, and That’s a Good Thing

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Follows Stock Markets Higher; How Long Will They Move in Lockstep?
• How Bitcoin’s Price Slump Is Changing the Geography of Mining

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Mt. Gox Deadline Extended Again After Creditors Criticize Refund Proposal

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Follows Stock Markets Higher; How Long Will They Move in Lockstep?

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• How Bitcoin’s Price Slump Is Changing the Geography of Mining
• Bitcoin Diverges From Falling Equities With $500 Price Rise

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Follows Stock Markets Higher; How Long Will They Move in Lockstep?

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: How Bitcoin’s Price Slump Is Changing the Geography of Mining

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Diverges From Falling Equities With $500 Price Rise
• Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: How Bitcoin’s Price Slump Is Changing the Geography of Mining

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Diverges From Falling Equities With $500 Price Rise

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise
• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Diverges From Falling Equities With $500 Price Rise

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach
• Strange Days: S&P 500 Volatility Enters Bitcoin Territory

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Strange Days: S&P 500 Volatility Enters Bitcoin Territory
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Strange Days: S&P 500 Volatility Enters Bitcoin Territory

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’
• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’
• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests
• UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: US, European Stocks Up but Crypto Traders Remain Cautious

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: US, European Stocks Up but Crypto Traders Remain Cautious

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

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