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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: Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

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.

Hourly chart

Related: Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets

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).

3-day chart

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.

Daily chart

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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View

• 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: Experts Say the Fed’s QE Program Will Strengthen Bitcoin – One Way or Another

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.

Hourly chart

Related: Record Bitcoin Price Volatility Fails to Unnerve HODLers

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).

3-day chart

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.

Daily chart

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

Related Stories

• Bitcoin Is Now Undervalued, Suggests This Price Metric
• Retail Investors Are Buying the Bitcoin Institutions Are Selling, Traders Say

View

• 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: Experts Say the Fed’s QE Program Will Strengthen Bitcoin – One Way or Another

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.

Hourly chart

Related: Record Bitcoin Price Volatility Fails to Unnerve HODLers

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).

3-day chart

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.

Daily chart

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

Related Stories

• Bitcoin Is Now Undervalued, Suggests This Price Metric
• Retail Investors Are Buying, the Bitcoin Institutions Are Selling, Traders Say

View

• 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 News Roundup for March 11, 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.

Hourly chart

Related: Bitcoin Price Is Now Up Just 9% This Year

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).

3-day chart

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.

Daily chart

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

Related Stories

• That Noise You’re Hearing? Central Banks Struggling to Evolve
• Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

View

• 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: That Noise You’re Hearing? Central Banks Struggling to Evolve

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.

Hourly chart

Related: Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

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).

3-day chart

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.

Daily chart

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

Related Stories

• Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads
• When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

View

• 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: Here’s Another, Surprising Reason Why Crypto Prices Fell – Derivatives

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.

Hourly chart

Related: Bitcoiners in Europe Reflect on Economic Shocks as Coronavirus Spreads

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).

3-day chart

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.

Daily chart

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

Related Stories

• When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens
• Bitcoin News Roundup for March 10, 2020

View

• 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: When the Going Gets Weird, CoinDesk Readers Look for These Safe Havens

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.

Hourly chart

Related: Bitcoin News Roundup for March 10, 2020

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).

3-day chart

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.

Daily chart

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

Related Stories

• Bitcoin Back Over $8K as Traditional Markets Rebound
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View

• 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: Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business

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.

Hourly chart

Related: You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations

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).

3-day chart

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.

Daily chart

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

Related Stories

• What the Oil Market Says About Bitcoin’s ‘Safe Haven’ Status
• Market Liquidations Cause Cascade in Bitcoin Price

View

• 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: Market Liquidations Cause Cascade in Bitcoin Price

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.

Hourly chart

Related: Bitcoin News Roundup for March 9, 2020

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).

3-day chart

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.

Daily chart

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

Related Stories

• Bitcoin, Bonds and Gold: Why Markets Are Upended in a Time of Fear
• Bitcoin’s Sharp Price Drop May Have Been Prompted by $120M Scam Sell-off

View

• 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 Remains Steady Amid Weaker Volume

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.

Hourly chart

Related: Coronavirus Rate Cuts: Australia’s Central Bank Did It First

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).

3-day chart

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.

Daily chart

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

Related Stories

• Bitcoin Keeps Recovery Hopes Alive With Defense of Major Average Support
• The Markets Were Already Vulnerable, Then Came Coronavirus

View

• 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: The Markets Were Already Vulnerable, Then Came Coronavirus

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.

Hourly chart

Related: Bitcoin Price Falls After One-Hour Volume Spike

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).

3-day chart

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.

Daily chart

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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View

• 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: Ether Futures Volume on FTX Hit Record Highs

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.

Hourly chart

Related: Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

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).

3-day chart

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.

Daily chart

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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View

• 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: Derivatives Exchange Deribit Launches Daily Ether Options

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.

Hourly chart

Related: Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist

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).

3-day chart

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.

Daily chart

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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