RATE Group | Bitcoin Price Looks Bearish Despite Bounce to $10.2K
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Bitcoin Price Looks Bearish Despite Bounce to $10.2K

24 Aug Bitcoin Price Looks Bearish Despite Bounce to $10.2K

Posted at 09:36h in Cryptocurrency News by

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  • Bitcoin’s recovery from $9,755 to $10,255 seen in the last 24 hours lacks volume support and could be short-lived.
  • Supporting the case for a drop back to $9,755 are the rising-wedge breakdown on the hourly chart and a bearish candlestick pattern on the 3-day chart.
  • Wednesday’s rising-wedge breakdown on the 4-hour chart is still valid and favors a drop to $9,467 (Aug. 15 low).
  • Bearish pressures would weaken if prices print a UTC close above the bearish lower high of $10,956. A weekly close (Sunday, UTC) above $12,000 is needed for bullish revival.

The path of least resistance for bitcoin (BTC) remains to the downside, despite a price bounce to $10,200 seen in the last 24 hours.

The top cryptocurrency by the market value found bids below the widely-followed 100-day moving average support at $9,900 on Wednesday and rebounded to a high of $10,255 earlier today.

Investors may feel tempted to call a bullish move, as a similar recovery from sub-100-day MA level seen…

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