Bitcoin Looks for Price Support After Failed $10K Crossover
Bitcoin's (BTC) weekend prices are dampened with immediate opportunities for pullback bulls, technical studies suggest.
After seeing a bullish phenomenon breakout last Friday, CryptocurrencyTracy looked to measure $ 10,000 in an acceptable manner over the weekend.
However, the bullish move was accidentally running out of steam at $ 9,990 at 13:00 UTC Saturday, according to bitfits, and returned $ 9,258 today.
Written by Bitcoin's hands at $ 9,400, it indicates a decrease from $ 9,658 to $ 2.67 per day.
While the bulls are not good enough, only a drop below $ 8,650 will give you the upper hand.
4-hour chart
The above-mentioned chart pulls back after BTC rejected (marked by circle) $ 9,950 at the inverse head and shoulders neckline resistant.
As noted above, BTC looked at a magnificent land after the Bull Pennant Breakout, so the drop down was $ 9,300 surprising and quickly neutralized the Bullish outlook.
On the 4-hour chart, the bullish reckoning that the 100-candle moving average (MA) returned $ 10,000 on the map.
Daily chart
When the day-to-day candle is closed on the day-to-day 10 day MA ($ 9,468), the bulk of the bull's optimism is the bullishness of the bull.
On the other hand, if the BTC end up below 10 days MA, then it will strengthen the downfall for a further drop toward $ 8,652 (the lowest as the April 26 is low and the pennant is low as seen in the 4-hour chart).
View
The reduction from $ 9,990 to $ 9,258 will immediately reduce the bullish attitude.
The bears have repeatedly failed to continue the price of 100-candle ma on the 4-hour chart and can get $ 10,000 back to $ 9,468 over the 10-day MA.
Today a close $ 13,475 doors on the inverted head-and-shoulders neckline resistance seen at 9,980 dollars (targeted according to measured height method), although the target has now gone too far. In short run, the BTC inverse head and shoulders rise to $ 11,700 behind the breakout.
Basic scenario: The break below $ 8,652 (lowercase pennant) is reliable for rejection at the inverse head and shoulders neckline resistance and the short-term bullish-to-basic trend change. In such a case, the BTC drops to below $ 8,000.
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