RATE Group | Bitcoin May Be Headed for a Stronger Price Bounce
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Bitcoin May Be Headed for a Stronger Price Bounce

27 Oct Bitcoin May Be Headed for a Stronger Price Bounce

Posted at 04:38h in Cryptocurrency News by

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  • Bitcoin’s moving average convergence divergence (MACD) histogram is charting higher lows, indicating seller exhaustion. Other indicators are also reporting oversold conditions.
  • A falling channel on the hourly chart may end with a bullish breakout and fuel a rally to $8,800. On the way higher, BTC may encounter resistance at $8,500 (200-day average).
  • The case for a stronger corrective bounce would weaken if prices find acceptance below $8,000.

Bitcoin’s stalled recovery rally may soon gather pace, as a key indicator is reporting seller exhaustion.

The top cryptocurrency by market value is currently trading at $8,130 on Bitstamp, having faced rejection at highs above $8,500 on Oct. 1.

With the $400 pullback, the corrective bounce from Sept. 30’s lows near $7,700 looks to have ended. Bitcoin’s MACD histogram, however, is telling otherwise.

A technical tool used to identify trend strength and trend changes, the MACD has recovered sharply from the Sept. 26 low…

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