RATE Group | Bitcoin dips briefly below $6,200 but then moves above again
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Bitcoin dips briefly below $6,200 but then moves above again

11 Oct Bitcoin dips briefly below $6,200 but then moves above again

Posted at 07:51h in Bitcoin News by

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CoinDesk’s analysis

Omkar Godpole provides an analysis of Bitcoin’s (BTC) price movements updated at 19;13 UTC. Godpole notes that BTC is having a difficult time moving above a key moving average that has stopped any sharp move up for four weeks in a row now. The key obstacle is the 10-week exponential moving average (EMA) which has stalled attempted rallies at around $6,100 since mid-September. Since that$time, BTC has not been able to generate a weekly close above the EMA. This has established it as a key level for the bulls.

As the article went to press BTC was trading at $6,580 on Bitfinex after clocking a weekly high of $6,730 on Monday. The 10-week EMA is now at $6,698 with the price of BTC now well below that. The retreat of the last three days shows that BTC has again failed to leap the crucial EMA hurdle, and this weakens the odds of any further gain toward $7,000.

Chart analysis

The weekly chart shows that the 10-week EMA has been strongly capping the price of BTC…

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