View Bitcoin's defense of the 100-day moving average and a bullish divergence of an hourly chart indicator suggest scope for a minor price bounce to $10,300.
Bitcoin will remain in the hunt for a drop to $9,467, as long as the rising wedge breakdown seen on the 4-hour chart remains valid.
A weekly close above $12,000 is needed to confirm bullish revival.
Bitcoin sellers are again struggling to force a sustained break below a widely-followed support level, but the outlook would turn bullish only above $10,956.
The cryptocurrency ran into bids below the 100-day MA on Aug. 15 and closed that day with gains above $10,300.
The average was again defended on the following day and the subsequent price bounce ended up hitting highs above $10,950 on Aug. 20.
The bulls will likely have a tough time forcing a break above $10,956, as the daily chart indicators are biased bearish.
If prices close above $10,000 today and end up rising above $10,927 in the next day or two, then a double-bottom bullish breakout would be confirmed.
A weekly close above that level is needed to confirm a complete bullish revival.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin Selloff Stalls at Historical Price Support Near $10K
gepubliceerd op Aug 22, 2019
by Coindesk | gepubliceerd op Coinage
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