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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Ether Trounces Bitcoin as Network See Surge in Stablecoins

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on Halving

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Gains as Futures Dance the Contango
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• Stablecoins Aren’t Inflating Crypto Market, Study Concludes
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Bitcoin Volatility at 3-Month Low as Market Awaits Big Price Move

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Bitcoin Market Goes Into ‘Backwardation’ Despite Fed’s Trillions

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Bitcoin Stuck Below $7K Even as Gold Surges to 7-Year High

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Drops as Traders See Bearish Signals in Futures Markets
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Bitcoin’s Back in the Black for 2020

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: First Mover: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

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

• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Selloff May Have Passed

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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 is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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?
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin
• Miners Are Selling More Bitcoin Than They Are Mining

• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

Related: Miners Are Selling More Bitcoin Than They Are Mining

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

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

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: BitMEX Open Interest Collapses After Controversial Long Squeeze

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Halving, Explained
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• Bitcoin is looking north, with the hourly chart reporting a golden cross.
• Key resistance at $8,820 could be put to test over the next few days.
• On the downside. $7,800 is the level to beat for the bears.

A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.

The cryptocurrency’s 50-hour moving average (MA) has crossed above the 200-hour MA, confirming what is popularly known as “golden cross” – a bullish indicator.

MA studies are based on backward-looking data and tend to lag prices. A golden cross, therefore, is widely considered as a lagging indicator, especially when it appears on longer duration charts. However, the crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.

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

For instance, BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.

On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 – a bearish lower high created on Oct. 11.

As of writing, BTC is changing hands at $8,280, representing a 0.53 percent gain on a 24-hour basis.

Related: Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package

As discussed, the 50- and 200-hour MAs have produced a golden cross, bolstering the bullish setup, as indicated by the inverse head-and-shoulders breakout.

The chart is also showing a bull flag breakout – a continuation pattern which accelerates the preceding rally.

The flag breakout has opened the doors for $8,700 (target as per the measured move method).

The bullish case is supported by an above-50 reading on the relative strength index (RSI).

Bitcoin’s repeated defense of $7,850 – the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high – indicates seller exhaustion.

A similar message is being sent by the MACD histogram’s higher lows below the zero line.

Bitcoin is closing on the 21-day exponential moving average (EMA), which proved a tough nut to crack on Sunday and Monday. The level previously capped upside on Oct. 9 and Oct. 10. Further, the cryptocurrency’s inability to hold above that average on Oct. 11 was followed by a drop to $7,800.

This time roun, the stiff resistance, currently at $8,318, looks likely be breached, with the hourly chart reporting a bullish setup amid signs of seller exhaustion on the three-day chart.

All-in-all, BTC looks set to challenge the bearish lower high of $8,820. A UTC close above that level is needed to confirm a bearish-to-bullish trend change, as discussed yesterday.

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

Bitcoin image via Shutterstock; charts by Trading View

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