RATE Group | Bitcoin Price Jumps 10%, But Bull Reversal Still $700 Away
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Bitcoin Price Jumps 10%, But Bull Reversal Still $700 Away

22 Dec Bitcoin Price Jumps 10%, But Bull Reversal Still $700 Away

Posted at 17:59h in Bitcoin News by

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Bitcoin surged by over 10 percent on Wednesday – the biggest single-day gain since Oct. 25, according to CoinDesk’s Bitcoin Price Index. 

Notably, prices had slumped to seven-month lows below $6,500 around lunchtime (UTC), but the breakdown was quickly undone and the cryptocurrency was trading above $7,400 before midnight.

The rebound from multi-month lows is a tell-tale sign of seller exhaustion – especially, as it erased the losses seen in the preceding eight days. 

Wednesday’s spike has neutralized the immediate bearish case. That said, a bullish reversal would be confirmed only if and when prices rise above the Nov. 29 high of $7,870. That would invalidate the most basic of all bearish patterns – a lower-highs setup.

With bitcoin currently trading at $7,170, the bull reversal is still $770 away. 

Bitcoin has charted (price via Bitstamp) a series of lower highs (arrows) and lowers lows over the last five months. 

The last lower high at $7,870 was printed on Nov. 29 and…

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