Bitcoin Defends Price Support, But Bear Case Still Intact

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. Bitcoin (BTC) has bounced from key price support, but…

Bitcoin’s Price Looks Set for a Drop to $10K

View Bitcoin appears on track to test the psychological support of $10,000, as the daily chart moving averages and other key indicators have turned bearish. A high-volume price breakdown seen on the hourly chart also favors a drop to $10,000. However, the hourly chart indicators are reporting a bullish divergence. So, a price bounce to $10,700 could precede a drop to $10,000. The outlook as per the daily chart would turn bullish if prices print a UTC close above $12,000. Bitcoin (BTC) is looking south, having retraced more than 50…

Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests

View 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…

Bitcoin Price Faces Struggle to Hold Above $11K After Range Breakdown

View Bitcoin’s short duration charts indicate the bears are in control and prices could drop below $11,000 in the next 24 hours. A strong bounce from the 5- and 10-week moving averages at $10,804 and $10,625, respectively, could fuel a rise back to $12,000. A high-volume weekly close (Sunday, UTC) or a back-to-back daily close above $12,000 is needed to revive the bullish outlook. Bitcoin (BTC) could drop below $11,000 in the next 24 hours, after sellers took victory in a four-day-long tug of war with the bulls. The top…

Bitcoin in Tug of War Between Bulls and Bears as Trading Range Tightens

View 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…

Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets

Bitcoin is outperforming gold amid heightened uncertainty in the global markets. The world’s most valuable cryptocurrency is currently trading at $11,700, representing 16 percent gains on a month-to-date basis. Meanwhile, gold, the traditional safe-haven asset, has added 6 percent this month. The precious metal picked up a bid at $1,400 on Aug. 1 as the U.S. President Trump’s decision to escalate trade tensions with China triggered a flight to safety. The S&P 500, a global benchmark for riskier assets, fell 0.90 percent on the same day. The risk aversion worsened…

Bitcoin Price Looks Poised to Retest Highs Above $13K

View Bitcoin is looking north, with the daily chart reporting a bearish channel breakout following a six-week-long correction. A retest of highs above $13,000 could be in the offing. The bullish case would strengthen if prices rise above $12,145, invalidating consolidation or exhaustion signaled by Wednesday’s candlestick pattern. A stronger confirmation of a bull revival would be a weekly close (Sunday, UTC) above $12,000. A break below Wednesday’s low of $11,388 would weaken the bullish case. That level could come into play in the next 24 hours if the symmetrical…

Bitcoin Price Sees Steep Drop After Rejection Above $12K

The price of bitcoin’s recent rise above $12,000 was stopped short a few hours into its rally, with prices sliding by more than $1,000 over the course of the U.S. trading session that followed. Beginning 10:15 UTC and lasting until 22:15 UTC, BTC witnessed a large pullback, followed by a small bounce near $11,200, providing temporary support. Still, bitcoin’s local daily high near $12,325 was the highest price point since July 10. With a daily open on August 6 set at $11,800, BTC broke $12,000 at 06:45 UTC to cement a…

Bitcoin Price Rises Above $12K to Hit One-Month High

View Bitcoin’s move above $12,000 is backed by an uptick in trading volumes and bullish readings on the daily chart. BTC could close well above $12,000 today, confirming a falling channel breakout on the daily chart and extend gains toward $13,200 (July 10 high) in the short-term. The 4-hour chart is reporting overbought conditions and a bearish indicator divergence. So, prices may pull back to $10,800–$10,600 and the bullish UTC close above $12,000 may be delayed till Wednesday. The bullish case would weaken if prices drop below key average support,…

Bitcoin Eyes $12K Price Hurdle as Dominance Rate Hits 28-Month High

View Bitcoin looks set to test falling channel resistance at $12,030, having invalidated a bearish lower-highs pattern earlier today. The rise in bitcoin’s dominance rate to the highest level in over two years indicates the price rise is sustainable. A UTC close above $12,030 would confirm the falling channel breakout and allow a rally to $13,880 (June 26 high). The bull case would weaken if BTC closes today (UTC) below $11,120, although that looks unlikely. Bitcoin (BTC) is eyeing a move to key resistance above $12,000, having broken out of…