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Bitcoin Defends Price Support, But Bear Case Still Intact
CoinDesk Bitcoin News Blockchain 101 Technology Markets Business Data & Research Events Asia is leading the way in crypto adoption on a global scale. Join thousands of your peers to learn why. Bitcoin Defends Price Support, But Bear Case Still Intact Omkar Godbole Omkar Godbole Aug 16, 2019 at 11:10 UTC Updated Aug 16, 2019 at 11:19 UTC View Bitcoin’s repeated defense of the 100-day moving average signals seller exhaustion, but a break above $10,445 – the high of Thursday’s hammer candle – is needed to confirm a bull revival. A high-volume move above $10,445 would open the doors to re-test of $11,120. BTC may have a tough time scaling $10,445, as the daily chart indicators are biased bearish. The risk of a drop to $9,049 (July 17 low) remains as long as prices are held below that level.
$9,650: Bitcoin Price Dips Below Key Long-Term Support
Bitcoin has dipped beneath the 100-day moving average, potentially opening the doors to support near $8,500 if the bulls can’t keep prices above the MA. Total weekly volume for the bears is lower than expected, offering a small hope for a bullish rebound. Price would need a firm close above the 100-day MA in hopes of cementing a higher low relative to July 28’s dip low. Bitcoin (BTC) continues to tumble from temporary support levels at $10,000 after enduring its worst single-day loss in a month. At 06:15 UTC, BTC’s price pierced the 100-day moving average (MA) at $9,653, triggering a flurry of sell-orders as the mid-term trend switched from bullish-to-bearish. The world’s largest cryptocurrency by market capitalization has since recovered slightly and at time of writing is changing hands at $9,800 on Bitstamp, representing a 2.4 percent loss on the day. Bearish market sentiment echoed throughout the world today as the international stock markets fell across the board with the S&P 500 down 2.9 percent, while the FTSE 100 in the UK dropped by 1.42 percent. That would seem to dispell the notion that BTC acts as a safe haven asset, offering certainty during darker economic time. Regardless, the onus is now heavily on the bulls to regain a foothold back above the 100-day MA on the daily chart or risk further downside.
Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests
Bitcoin charted an “inside bar” pattern last month, making $13,200 the level to beat for the bulls. A convincing move above $13,200 would imply a resumption of the rally from lows near $4,050 seen in April. A break below $9,049 (July’s low) would confirm a bearish inside bar reversal on the monthly chart. The hourly chart indicates prices could drop below $11,000 in the next 24 hours or so. The bearish case would weaken if lower-highs pattern on the hourly chart is invalidated with a move above $11,431.
Bitcoin in Tug of War Between Bulls and Bears as Trading Range Tightens
Bitcoin has charted a narrowing price range over the last three days, neutralizing the immediate bullish setup. A bull revival needs a UTC close above Wednesday’s high of $12,145, according to a double inside bar pattern seen on the daily chart. The outlook would turn bearish if prices print a UTC close below Wednesday’s low of $11,388. The odds of a bearish UTC close would rise if BTC breaks lower from the contracting triangle seen on the intraday charts. Bitcoin (BTC) is witnessing indecisive price action for the third day, with a break above Wednesday’s high of $12,145 needed to revive the bullish outlook. The leading cryptocurrency is currently trading at $11,690 on Bitstamp, representing a 0.85 percent drop on the day. Prices hit a high of $12,040 in the Asian trading hours before quickly falling back below the $12,000 mark. Today is the fourth straight day of bull failure above $12,000. The cryptocurrency hit an intraday high of $12,325, $12,145 and $12,061 on Tuesday, Wednesday and Thursday, respectively only to print a UTC close below $12,000 on all three days. Essentially, BTC has charted lower highs above $12,000 since Tuesday. At the same time, it has created higher lows in the last three days. That narrowing price range is a sign of indecision in the market place. The consolidation could also be considered a sign of bullish exhaustion since it comes following a 35 percent price rise over eight days