• Latest
Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

February 11, 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

Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

coinnewsdaily by coinnewsdaily
February 11, 2020
in Tech
0
Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend
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 broader uptrend is still valid despite Monday’s sudden move lower from $10,200. The weekly chart shows scope for a test of the October high of $10,350.
  • A deeper pullback to support below $9,600 may be seen before the return of the rally, as the short duration charts are indicating buyer exhaustion.
  • A UTC close under $9,075 (Feb. 4 high) would invalidate the bullish setup.

Bitcoin’s broader bullish trend is intact despite Monday’s sharp retreat from a 3.5-month high over $10,000.

The cryptocurrency ran into offers near $10,200 and fell to levels near $9,730 during the Asian trading hours on Monday and spent the rest of the day trading in the narrow range of $9,750–$9,900. 

Prices closed Monday (UTC) with a 3.18 percent loss, the second-largest daily decline of 2020 – the first being a 3.2 percent slide seen on Jan. 23, according to CoinDesk’s Bitcoin Price Index. 

Some observers are disappointed that bitcoin’s break above $10,000 was so short-lived. “Disheartening to see BTC reject us not even 24 hours after breaking 10K,” derivatives trader John Wick tweeted earlier on Tuesday. 

According to Wick, the speed of bitcoin’s ascent (or bullish momentum) has slowed. After all, Monday’s drop completely engulfed the price gains seen on Sunday – a sign of buyer exhaustion.  

However, the broader uptrend from January lows below $7,000 is still intact, as prices are hovering well above the base (higher low) of $9,075, established on Feb. 4. 

As long as that support stays intact, the path of least resistance will remain to the higher side. At press time, bitcoin is trading near $9,796, representing a 0.58 percent drop on a 24-hour basis. 

Daily chart

Bitcoin has carved out a bearish engulfing pattern, marking a negative follow-through to Sunday’s bullish “marubozu” candle.

A failed marubozu at multi-month highs often paves the way for deeper price pullbacks. 

Hourly chart

Bitcoin breached the head-and-shoulders neckline support during the Asian trading hours Tuesday. So far, the downside has been contained near $9,700. 

The breakdown, however, could yet encourage selling and lead to a stronger move to the downside. The cryptocurrency looks set to revisit former hurdle-turned-support at $9,586 (Nov. 4 high) in the short term. Acceptance below that level would expose the Feb. 4 low of $9,075. 

The immediate bullish case would be revived if prices rise above $10,010, invaliding the lower-highs setup on the hourly charts, as discussed yesterday. 

Building a base?

It’s worth noting that corrections are a normal occurrence in bull markets and often end up recharging engines for the next leg higher. “If I was climbing a rock wall I would want to constantly re-anchor. Its same idea with assets, they build a base,” popular trader Cantering Clark tweeted Monday. 

For instance, bitcoin fell from $9,188 on Jan. 19 and revisited the former hurdle-turned-support of $8,200 five days later, before rallying above $10,000. 

While the ongoing correction may be extended, the crucial support at $9,075 will likely hold, as the longer duration charts are reporting strong bullish conditions. 

Weekly chart

Bitcoin has risen strongly over the last few weeks, having witnessed a falling channel breakout in early January. 

The MACD histogram is printing higher consecutive bars above the zero line, a sign of the strengthening of bullish momentum. The 5- and 10-day averages are also trending north in favor of the bulls. 

Overall, the weekly chart is aligned in favor of a rally to the October high of $10,350. 

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: authorBitcoinCrypto TechJohn Wickmedia outlettrader
Share76Tweet48
Previous Post

Coinbase Adds Support for 2 More Cryptocurrencies in New York State

Next Post

Joint Venture Launches Canadian Dollar-Pegged Stablecoin for Financial Services

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
Joint Venture Launches Canadian Dollar-Pegged Stablecoin for Financial Services

Joint Venture Launches Canadian Dollar-Pegged Stablecoin for Financial Services

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

Subscribe to Get More!

Loading
  • 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)$23,103.000.47%
  • ethereumEthereum(ETH)$1,587.38-1.17%
  • tetherTether(USDT)$1.000.11%
  • binancecoinBNB(BNB)$306.310.00%
  • rippleXRP(XRP)$0.408597-0.61%
  • cardanoCardano(ADA)$0.3805510.87%
  • dogecoinDogecoin(DOGE)$0.086074-0.43%
  • matic-networkPolygon(MATIC)$1.1010.29%
  • solanaSolana(SOL)$24.01-1.57%
  • okbOKB(OKB)$35.79-0.04%
  • polkadotPolkadot(DOT)$6.440.58%
  • shiba-inuShiba Inu(SHIB)$0.000012-0.39%
  • litecoinLitecoin(LTC)$87.95-1.29%
  • tronTRON(TRX)$0.0624271.50%
  • daiDai(DAI)$1.000.19%
  • cosmosCosmos Hub(ATOM)$13.03-2.86%
  • chainlinkChainlink(LINK)$7.265.05%
  • leo-tokenLEO Token(LEO)$3.733.26%
  • moneroMonero(XMR)$172.30-0.73%
  • ethereum-classicEthereum Classic(ETC)$21.78-0.21%
  • bitcoin-cashBitcoin Cash(BCH)$135.503.26%
  • stellarStellar(XLM)$0.091684-0.30%
  • crypto-com-chainCronos(CRO)$0.080359-0.87%
  • filecoinFilecoin(FIL)$5.400.24%
  • algorandAlgorand(ALGO)$0.2456920.64%
  • vechainVeChain(VET)$0.0237842.63%
  • internet-computerInternet Computer(ICP)$5.81-0.62%
  • aaveAave(AAVE)$87.732.52%
  • eosEOS(EOS)$1.112.21%
  • theta-tokenTheta Network(THETA)$1.157.98%
  • elrond-erd-2MultiversX(EGLD)$43.54-0.80%
  • tezosTezos(XTZ)$1.10-0.90%
  • paxos-standardPax Dollar(USDP)$1.00-0.12%
  • bitcoin-cash-svBitcoin SV(BSV)$44.272.75%
  • huobi-tokenHuobi(HT)$5.05-1.00%
  • havvenSynthetix Network(SNX)$2.43-1.38%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.97-0.26%
  • iotaIOTA(MIOTA)$0.2327912.14%
  • zcashZcash(ZEC)$46.362.39%
  • makerMaker(MKR)$654.59-2.08%
  • neoNEO(NEO)$8.302.89%
  • dashDash(DASH)$51.241.60%
  • zilliqaZilliqa(ZIL)$0.0284121.38%
  • basic-attention-tokenBasic Attention(BAT)$0.259173-4.92%
  • compound-governance-tokenCompound(COMP)$53.183.85%
  • nemNEM(XEM)$0.0396524.07%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$35.010.47%
  • bitcoin-goldBitcoin Gold(BTG)$17.562.33%
  • qtumQtum(QTUM)$2.672.96%
  • sushiSushi(SUSHI)$1.331.29%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2505485.99%
  • yearn-financeyearn.finance(YFI)$7,526.73-1.26%
  • wavesWaves(WAVES)$2.382.91%
  • omisegoOMG Network(OMG)$1.472.29%
  • ontologyOntology(ONT)$0.2182791.87%
  • digibyteDigiByte(DGB)$0.0110130.12%
  • umaUMA(UMA)$2.05-0.80%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%