RATE Group | Bitcoin Looks for Price Support After Failed $10K Crossover
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Bitcoin Looks for Price Support After Failed $10K Crossover

07 May Bitcoin Looks for Price Support After Failed $10K Crossover

Posted at 11:33h in Bitcoin News by

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Bitcoin’s (BTC) pullback in prices over the weekend has dampened the immediate prospects for the bulls, the technical studies indicate.

Having witnessed a bullish pennant breakout last Friday, the cryptocurrency looked set to scale the $10,000 mark in a convincing manner over the weekend.

However, the bullish move unexpectedly ran out of steam at $9,990 at 13:00 UTC on Saturday, according to Bitfinex, and had retreated to $9,258 earlier today.

As of writing, bitcoin is changing hands at $9,400, representing a 2.67 percent drop from the previous day’s close of $9,658.

While the pullback is not good for the bulls, only a drop below $8,650 would give the bears the upper hand.

4-hour chart

The above chart shows the pullback occurred after BTC was rejected (marked by a circle) at the inverse head-and-shoulders neckline resistance of $9,950.

As noted above, BTC had looked on a solid ground following the bull pennant breakout, so the drop to $9,300 came as something of a surprise…

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