• Latest
After Sudden 8% Drop, Bitcoin Bulls Must Defend Price Support at $8,460

After Sudden 8% Drop, Bitcoin Bulls Must Defend Price Support at $8,460

January 20, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

After Sudden 8% Drop, Bitcoin Bulls Must Defend Price Support at $8,460

coinnewsdaily by coinnewsdaily
January 20, 2020
in Tech
0
After Sudden 8% Drop, Bitcoin Bulls Must Defend Price Support at $8,460
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

View

  • Bitcoin’s dramatic overnight fall from $9,200 is telling a tale of buyer exhaustion.
  • A break below Sunday’s low of $8,461 would invalidate the recent bullish trend and could yield a drop to $8,200-$8,000. Dips could be short-lived as the longer duration charts are still reporting bullish conditions.
  • Bitcoin may make another attempt to pass the 200-day average at $9,027 if support at $8,461 continues to holds ground.

Bitcoin’s price rally is looking tired following Sunday’s sudden drop from above $9,000. Even so, the bias remains bullish with support near $8,460 still intact.

The top cryptocurrency by market value ran past the 200-day average at $9,040 during Sunday’s Asian trading hours, raising prospects of a rise to the next major resistance at $9,400.

The ascent, however, was cut short near $9,200 and prices fell sharply by 8 percent to $8,461, according to CoinDesk’s Bitcoin Price Index.  The majority of the drop occurred around 23:00 UTC.

Since then, the cryptocurrency has been largely confined to a trading range of $8,460 to $8,750.

With the sharp pullback from near $9,200, bitcoin engulfed the price action seen in the previous four trading days. This type of market action after a notable rally or at multi-month highs is indicative of temporary bullish exhaustion.

What matters now is the survival of $8,461 – the level at which the pullback looks to have halted in the last 20 hours. The same level saw bitcoin turn lower on Jan. 8.

Acceptance under that key support would confirm
bullish exhaustion and terminate the short-term uptrend.

At press time, bitcoin is trading near $8,640,
representing a 4 percent slide on a 24-hour basis.

Daily chart

Bitcoin charted a big bearish outside day candle on Sunday. These occur when the day begins with optimism but ends on a negative note, engulfing preceding day’s price action.

While the pattern is considered a bearish
signal, traders usually wait for confirmation in the form of follow-through,
preferably a move below the low of the candle.

Should Sunday’s low of $8,461 be breached, chart-driven selling could gather pace, yielding a deeper drop to last Tuesday’s low of $8,104.

However, if the support holds ground, the bulls will likely have scope to inch back toward the 200-day average, currently at $9,027.

Hourly chart

Bitcoin has dived out of the ascending trendline rising from Jan. 3 and Jan. 10 lows in favor of the bears.

The pullback looks to have legs as the breakdown was backed by the highest selling volume (red bar) since Dec. 16.

So, a drop through the support at $8,461 can’t be ruled out. That would expose the next support located at $8,200 (horizontal line) and the psychological level of $8,000.

Weekly chart

Bitcoin jumped 6 percent last week, cementing the breakout from the long-term descending channel kicked off by the preceding week’s 11 percent gain.

Further, the 5- and 10-week averages have produced a bullish crossover and the MACD histogram is about to cross over to bullish territory above zero.

So, with the longer duration chart reporting bullish conditions, any dip to $8,200 or lower, may be short-lived.

The cryptocurrency will remain on track to test October’s high of $10,350, as long as the channel breakout is valid.

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

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
Tags: authorBitcoinblockchain startupsCrypto TechDigital Currency Groupmedia outlet
Share76Tweet48
Previous Post

London-Listed Argo Blockchain Reports 10-Fold Increase in Bitcoin Mining Revenue in 2019

Next Post

Australian Regulator Gives Green Light to App-Based Retail Bitcoin Fund

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Australian Regulator Gives Green Light to App-Based Retail Bitcoin Fund

Australian Regulator Gives Green Light to App-Based Retail Bitcoin Fund

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$27,861.000.96%
  • ethereumEthereum(ETH)$1,788.151.89%
  • tetherTether(USDT)$1.01-0.07%
  • binancecoinBNB(BNB)$328.090.92%
  • rippleXRP(XRP)$0.4639643.84%
  • cardanoCardano(ADA)$0.361577-0.23%
  • dogecoinDogecoin(DOGE)$0.0753970.53%
  • matic-networkPolygon(MATIC)$1.111.15%
  • solanaSolana(SOL)$20.971.91%
  • polkadotPolkadot(DOT)$6.070.79%
  • litecoinLitecoin(LTC)$94.222.15%
  • shiba-inuShiba Inu(SHIB)$0.0000110.33%
  • tronTRON(TRX)$0.0645880.46%
  • daiDai(DAI)$1.000.08%
  • chainlinkChainlink(LINK)$7.271.93%
  • cosmosCosmos Hub(ATOM)$11.361.73%
  • leo-tokenLEO Token(LEO)$3.43-1.86%
  • moneroMonero(XMR)$165.471.94%
  • ethereum-classicEthereum Classic(ETC)$20.480.49%
  • okbOKB(OKB)$42.270.14%
  • stellarStellar(XLM)$0.0927743.21%
  • bitcoin-cashBitcoin Cash(BCH)$126.811.82%
  • filecoinFilecoin(FIL)$5.581.72%
  • crypto-com-chainCronos(CRO)$0.0700111.62%
  • vechainVeChain(VET)$0.0231100.17%
  • algorandAlgorand(ALGO)$0.2107210.83%
  • internet-computerInternet Computer(ICP)$5.001.66%
  • eosEOS(EOS)$1.15-0.28%
  • elrond-erd-2MultiversX(EGLD)$43.041.80%
  • tezosTezos(XTZ)$1.141.34%
  • aaveAave(AAVE)$72.751.24%
  • theta-tokenTheta Network(THETA)$1.021.82%
  • neoNEO(NEO)$12.140.64%
  • havvenSynthetix Network(SNX)$2.46-0.07%
  • paxos-standardPax Dollar(USDP)$1.01-0.11%
  • bitcoin-cash-svBitcoin SV(BSV)$37.092.60%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.761.31%
  • dashDash(DASH)$60.332.20%
  • makerMaker(MKR)$675.461.21%
  • huobi-tokenHuobi(HT)$3.700.89%
  • iotaIOTA(MIOTA)$0.2129002.12%
  • zilliqaZilliqa(ZIL)$0.0274961.97%
  • zcashZcash(ZEC)$36.733.89%
  • basic-attention-tokenBasic Attention(BAT)$0.2574629.38%
  • nemNEM(XEM)$0.0395441.40%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.110.03%
  • kusamaKusama(KSM)$33.561.94%
  • compound-governance-tokenCompound(COMP)$43.012.74%
  • bitcoin-goldBitcoin Gold(BTG)$16.40-0.67%
  • yearn-financeyearn.finance(YFI)$8,401.161.67%
  • omisegoOMG Network(OMG)$1.86-0.47%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2407090.12%
  • wavesWaves(WAVES)$2.161.22%
  • ontologyOntology(ONT)$0.2335216.30%
  • sushiSushi(SUSHI)$1.052.95%
  • digibyteDigiByte(DGB)$0.0097012.52%
  • umaUMA(UMA)$2.041.64%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%