View A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin's rise from $9,200 to $9,500.
A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880.
Bitcoin's struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.
The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 - the resistance of the trendline connecting June 26 and Aug. 6 highs - during the Asian trading hours.
The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 31.
Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.
Such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.
BTC is again struggling to get past the descending trendline, currently at $9,470.
All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.
A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline.
Bitcoin Keeps Failing at This Key Price Hurdle
gepubliceerd op Nov 5, 2019
by Coindesk | gepubliceerd op Coinage
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