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: Miners Are Selling More Bitcoin Than They Are 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: Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

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

• We Won’t Ever Think About the Financial System the Same Way
• Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

• 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: Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

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: We Won’t Ever Think About the Financial System the Same Way

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 in Rangebound Trading as Equity Markets Fail to See Stimulus Boost
• Bitcoin Mining Difficulty Posts Second-Biggest Percentage Drop in Its History

• 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: We Won’t Ever Think About the Financial System the Same Way

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 in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

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 Mining Difficulty Posts Second-Biggest Percentage Drop in Its History
• US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

• 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 in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

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 Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

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

• Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com
• Bitcoin Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

• 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 Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

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: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com

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 Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package
• Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan

• 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: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com

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 Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

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 Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan
• Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

• 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 Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

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 Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan

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

• Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill
• BitMEX Open Interest Collapses After Controversial Long Squeeze

• 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: Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

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: BitMEX Open Interest Collapses After Controversial Long Squeeze

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 Halving, Explained
• Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

• 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 Approaching ‘Halving,’ Explained

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 Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

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 Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis
• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

• 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 Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

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 Gold: Evaluating Hard-Cap Currencies in Times of Financial 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

• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree
• Bitcoin: A Global Port in a Market Storm?

• 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 Gold: Evaluating Hard-Cap Currencies in Times of Financial 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: Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

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: A Global Port in a Market Storm?
• Into the Unknown: No Limit on Fed Money Injections

• 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: Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

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: A Global Port in a Market Storm?

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

• Into the Unknown: No Limit on Fed Money Injections
• Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

• 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: A Global Port in a Market Storm?

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: Into the Unknown: No Limit on Fed Money Injections

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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package
• Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

• 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: Into the Unknown: No Limit on Fed Money Injections

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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

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

• Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks
• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls

• 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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

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: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

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

• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls
• Bailouts, Bitcoin, Disruption, Failures and Hope

• 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, Gold Spike as Fed Reserve Unveils Unlimited Coronavirus Stimulus Package

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: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

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

• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls
• Bailouts, Bitcoin, Disruption, Failures and Hope

• 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: Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls

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: Bailouts, Bitcoin, Disruption, Failures and Hope

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 This Crisis Worsens, Bitcoin Will Become a Safe Haven Again
• Bitcoin Bumps Up, but for How Long?

• 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: Bailouts, Bitcoin, Disruption, Failures and Hope

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 This Crisis Worsens, Bitcoin Will Become a Safe Haven Again

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 Bumps Up, but for How Long?
• The Puell Multiple Is Turning Bullish on Bitcoin

• 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 This Crisis Worsens, Bitcoin Will Become a Safe Haven Again

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 Bumps Up, but for How Long?

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

• The Puell Multiple Is Turning Bullish on Bitcoin
• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

• 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 this Crisis Worsens, Bitcoin Will Become a Safe Haven Again

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 Bumps Up, but for How Long?

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

• The Puell Multiple Is Turning Bullish on Bitcoin
• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K