RATE Group | Bitcoin’s Defense of Major Support May Fuel Price Bounce to $9,600
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Bitcoin’s Defense of Major Support May Fuel Price Bounce to $9,600

02 Nov Bitcoin’s Defense of Major Support May Fuel Price Bounce to $9,600

Posted at 09:16h in Cryptocurrency News by

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  • Bitcoin’s repeated defense of the 200-day average support indicates an end of the pullback from $10,350 and scope for a bounce to the 100-day average at $9,601.
  • A UTC close above that level and a further rise to above $10,000 cannot be ruled out, as the recent pullback from $10,350 lacked volume support.
  • Acceptance below the hourly chart support of $8,977 would weaken the case for a bounce in the next 24 hours.

Bitcoin looks primed for a price bounce to $9,600, having repeatedly defended long-term support in the last 72 hours.

The top cryptocurrency by market value began the week on a negative note by shedding 3.56 percent on Monday. Notably, BTC formed a candle with a long upper shadow on that day, signaling buyer exhaustion and opening the doors for a deeper drop to the former resistance-turned-support of $8,820.

So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market…

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