RATE Group | Bitcoin Selloff Stalls at Historical Price Support Near $10K
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Bitcoin Selloff Stalls at Historical Price Support Near $10K

22 Aug Bitcoin Selloff Stalls at Historical Price Support Near $10K

Posted at 14:18h in Bitcoin News by

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  • Bitcoin’s defense of the 100-day moving average and a bullish divergence of an hourly chart indicator suggest scope for a minor price bounce to $10,300
  • Bitcoin will remain in the hunt for a drop to $9,467 (Aug. 13 low), as long as the rising wedge breakdown seen on the 4-hour chart remains valid.
  • A UTC close above $10,956 would shift risk in favor of a rally to $11,850-$12,000. A weekly close above $12,000 is needed to confirm bullish revival.

Bitcoin (BTC) sellers are again struggling to force a sustained break below a widely-followed support level, but the outlook would turn bullish only above $10,956.

The premier cryptocurrency by market value fell by $600 in the Asian trading hours on Wednesday, confirming a rising wedge breakdown on the intraday charts.

The bearish reversal pattern opened the doors for a retest of the Aug. 15 low of $9,467, as discussed yesterday. So far, however, that target has remained elusive and the dips below the 100-day moving…

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