RATE Group | Bitcoin Price Defies ‘Death Cross’ as Bulls Pin Hopes on $9.1K Bounce
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Bitcoin Price Defies ‘Death Cross’ as Bulls Pin Hopes on $9.1K Bounce

14 Nov Bitcoin Price Defies ‘Death Cross’ as Bulls Pin Hopes on $9.1K Bounce

Posted at 20:53h in Bitcoin News by

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Bitcoin (BTC) price continues to trend lower, marking 5 consecutive lower highs as the price makes a stairstep decline in a falling wedge. Interestingly, the pattern is interpreted by many analysts as a signal of a potentially bullish outcome so perhaps there is still hope.

Crypto market data daily view

Crypto market data daily view. Source: Coin360

BTC USD daily chart

BTC USD daily chart. Source: TradingView

The price has pierced the $8,674 support three times over the past 4 days, increasing the chance that the price will drop to the lower trendline of the falling wedge at $8,480. The daily chart shows that Bitcoin had spent the week riding along the 200-DMA, a point which was lost earlier today. 

The volume profile visible range (VPVR) shows a volume gap between $8,780 and $9,062, meaning the Bitcoin could rally 3.45% to $9,062, a point which would bring the price above the 50-DMA and slightly below the Bollinger Band indicator moving average at $9,121. 

A move to $9,148 would set a 3-day higher high at the 100-DMA, bringing…

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