• Latest
Bitcoin Takes a Dive After the Longest Daily Winning Run Since September

Bitcoin Takes a Dive After the Longest Daily Winning Run Since September

February 10, 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

Bitcoin Takes a Dive After the Longest Daily Winning Run Since September

coinnewsdaily by coinnewsdaily
February 10, 2020
in Tech
0
Bitcoin Takes a Dive After the Longest Daily Winning Run Since September
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

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

View

  • Bitcoin’s ongoing pullback could be extended further to the former resistance-turned-support of $9,586. Acceptance below that would expose the next base at $9,188.
  • A UTC close below $9,075 (Feb. 4 low) would invalidate higher lows on the daily chart and confirm a short-term bearish reversal.
  • The case for deeper pullback would weaken if prices rise above $10,010, violating the bearish setup on the hourly chart.

Bitcoin is feeling the pull of gravity at press time, despite having confirmed its longest daily winning streak since September on Sunday.

The top cryptocurrency by market value dived from $10,197 to $9,732 during the Asian trading hours and is currently trading at $9,850, according to CoinDesk’s Bitcoin Price Index.

The
sharp pullback has blanketed Sunday’s ascent from $9,900 to $10,180 and is suggesting
bullish exhaustion.

Bitcoin
closed out (UTC) Sunday with a 2.75 percent gain, having risen by 5, 1.4, 0.5 and
1 percent on Wednesday, Thursday, Friday and Saturday, respectively.

That is the longest daily winning streak in five months, as seen below.

Bitcoin produced five straight green candles (days with net gains) from Aug. 30 to Sept. 3, marking a convincing move higher from $9,350 to $10,783. The rally, however, ended up recharging bears’ engines for a deeper slide.

The latest winning streak is preceded by a sharp rise from lows near $6,850 observed in early January. Such solid rallies are often followed by corrections.

Bitcoin could soon test dip demand by revisiting deeper support levels.

Daily chart

Bitcoin ended Sunday with a green “marubozu” candle, which comprises a strong body and small or no wicks. It indicates that buyers were in control from the open to the close, and is reflective of strong bullish sentiment.

So
far, however, the follow-through has been negative. In fact, today’s red candle
has already engulfed Sunday’s bullish marubozu.

A failed bullish marubozu at multi-month highs, or after notable price rallies, often precedes a deeper pullback.

So, a slide to the former resistance-turned-support at $9,586 (Nov. 4 high) cannot be ruled out. A violation there would expose the Jan. 19 high of $9,188 and the Feb. 4 low of $9,075. The short-term outlook would turn bearish if prices find acceptance below $9,075, invalidating the higher-lows setup.

If the support at $9,586 holds ground, the bulls will likely once more target the Oct. 26 high of $10,350.

Hourly chart

Bitcoin has lost its upward trajectory, as indicated by the downside break of the ascending trendline.

The
ongoing drop looks to have legs as it is backed by an uptick in selling volume,
as represented by red bars.

The case for a deeper pullback to $9,586 would be invalidated if prices rise above $10,010 with strong volumes, invalidating the lower-highs setup on the hourly chart.

Disclosure: The author holds no cryptocurrency 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

Tags: authorblockchain startupsCoinDeskCrypto Techleadermedia outlet
Share76Tweet48
Previous Post

Chinese Crypto Investment Firm Asked to Remove London Underground Ads

Next Post

New Crypto Exchange Altsbit Says It Will Close Following Hack

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
New Crypto Exchange Altsbit Says It Will Close Following Hack

New Crypto Exchange Altsbit Says It Will Close Following Hack

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)$27,873.000.63%
  • ethereumEthereum(ETH)$1,755.48-0.25%
  • tetherTether(USDT)$1.00-0.28%
  • binancecoinBNB(BNB)$326.820.28%
  • rippleXRP(XRP)$0.4638660.48%
  • cardanoCardano(ADA)$0.349405-2.46%
  • dogecoinDogecoin(DOGE)$0.073612-1.90%
  • matic-networkPolygon(MATIC)$1.08-1.05%
  • solanaSolana(SOL)$20.46-1.92%
  • polkadotPolkadot(DOT)$5.97-0.98%
  • litecoinLitecoin(LTC)$92.00-2.15%
  • shiba-inuShiba Inu(SHIB)$0.000011-0.56%
  • tronTRON(TRX)$0.064129-0.46%
  • daiDai(DAI)$1.00-0.08%
  • chainlinkChainlink(LINK)$7.14-0.42%
  • cosmosCosmos Hub(ATOM)$11.09-1.72%
  • leo-tokenLEO Token(LEO)$3.41-1.12%
  • moneroMonero(XMR)$161.85-2.40%
  • ethereum-classicEthereum Classic(ETC)$19.97-1.04%
  • okbOKB(OKB)$41.910.45%
  • stellarStellar(XLM)$0.0928040.19%
  • bitcoin-cashBitcoin Cash(BCH)$122.54-2.69%
  • filecoinFilecoin(FIL)$5.52-0.47%
  • crypto-com-chainCronos(CRO)$0.067934-2.13%
  • vechainVeChain(VET)$0.022656-1.04%
  • algorandAlgorand(ALGO)$0.206406-1.83%
  • internet-computerInternet Computer(ICP)$4.89-1.12%
  • eosEOS(EOS)$1.12-1.15%
  • elrond-erd-2MultiversX(EGLD)$42.19-0.73%
  • tezosTezos(XTZ)$1.12-0.68%
  • aaveAave(AAVE)$71.91-0.35%
  • theta-tokenTheta Network(THETA)$0.99-2.70%
  • neoNEO(NEO)$12.604.52%
  • paxos-standardPax Dollar(USDP)$1.00-0.21%
  • havvenSynthetix Network(SNX)$2.42-0.42%
  • bitcoin-cash-svBitcoin SV(BSV)$36.37-0.69%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.73-0.22%
  • dashDash(DASH)$57.40-4.10%
  • makerMaker(MKR)$663.76-1.22%
  • huobi-tokenHuobi(HT)$3.66-0.62%
  • iotaIOTA(MIOTA)$0.207565-1.12%
  • zilliqaZilliqa(ZIL)$0.026959-1.38%
  • zcashZcash(ZEC)$35.65-0.86%
  • basic-attention-tokenBasic Attention(BAT)$0.240423-1.99%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038560-1.57%
  • qtumQtum(QTUM)$3.110.38%
  • kusamaKusama(KSM)$33.11-0.18%
  • compound-governance-tokenCompound(COMP)$41.61-2.53%
  • bitcoin-goldBitcoin Gold(BTG)$16.03-2.10%
  • yearn-financeyearn.finance(YFI)$8,297.37-0.55%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.78-3.73%
  • golemGolem(GLM)$0.234658-2.05%
  • wavesWaves(WAVES)$2.12-1.23%
  • ontologyOntology(ONT)$0.225824-1.17%
  • sushiSushi(SUSHI)$1.03-0.97%
  • umaUMA(UMA)$2.3013.20%
  • digibyteDigiByte(DGB)$0.009573-0.41%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%