RATE Group | Bitcoin Defends Price Support, But Bear Case Still Intact
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Bitcoin Defends Price Support, But Bear Case Still Intact

16 Aug Bitcoin Defends Price Support, But Bear Case Still Intact

Posted at 12:28h in Cryptocurrency News by

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  • Bitcoin’s repeated defense of the 100-day moving average signals seller exhaustion, but a break above $10,445 – the high of Thursday’s hammer candle – is needed to confirm a bull revival.
  • A high-volume move above $10,445 would open the doors to re-test of $11,120.
  • BTC may have a tough time scaling $10,445, as the daily chart indicators are biased bearish.
  • The risk of a drop to $9,049 (July 17 low) remains as long as prices are held below that level.

Bitcoin (BTC) has bounced from key price support, but the outlook remains bearish as long as prices hold below Thursday’s high of $10,445.

The leading cryptocurrency by the market value found takers near the widely followed 100-day moving average (MA) at $9,700 earlier today, but at time of writing had regained ground to around $10,060, according to Bitstamp data.

Sellers had managed to breach the 100-day MA in the early European trading hours on Thursday, but the breakdown was short-lived and BTC ended the…

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