RATE Group | Bitcoin’s 3% Price Rise Neutralizes Bearish Setup
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Bitcoin’s 3% Price Rise Neutralizes Bearish Setup

21 Oct Bitcoin’s 3% Price Rise Neutralizes Bearish Setup

Posted at 14:20h in Cryptocurrency News by

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  • Bitcoin has again bounced up from $7,800 support, neutralizing the immediate bearish setup.
  • A break above $8,820 is needed to invalidate the lower-highs setup and confirm a bull reversal.
  • A bullish close, if confirmed, would open the doors for $9,320 (Aug. 29 low).

Bitcoin’s price bounce has shed some of the recent bearish pressure, but there’s still a way to go before a bullish reversal is confirmed.

After hitting $8,314 on Sunday, the top cryptocurrency by market value is now trading around $8,200 on Bitstamp, representing a 3 percent gain on a 24-hour basis.

BTC was operating on slippery grounds last week with the Chaikin money flow index, used to gauge buying and selling pressure, reporting the strongest bearish bias in eight months.

The downside, however, was restricted near $7,800 on Friday and prices bounced back above $8,000 over the weekend.

The latest bounce from that level is the fifth since Sept. 26 and indicates seller exhaustion. The immediate…

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