RATE Group | Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend
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Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

11 Feb Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

Posted at 14:46h in Bitcoin News by

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  • Bitcoin’s broader uptrend is still valid despite Monday’s sudden move lower from $10,200. The weekly chart shows scope for a test of the October high of $10,350.
  • A deeper pullback to support below $9,600 may be seen before the return of the rally, as the short duration charts are indicating buyer exhaustion.
  • A UTC close under $9,075 (Feb. 4 high) would invalidate the bullish setup.

Bitcoin’s broader bullish trend is intact despite Monday’s sharp retreat from a 3.5-month high over $10,000.

The cryptocurrency ran into offers near $10,200 and fell to levels near $9,730 during the Asian trading hours on Monday and spent the rest of the day trading in the narrow range of $9,750–$9,900. 

Prices closed Monday (UTC) with a 3.18 percent loss, the second-largest daily decline of 2020 – the first being a 3.2 percent slide seen on Jan. 23, according to CoinDesk’s Bitcoin Price Index. 

Some observers are disappointed that bitcoin’s break above $10,000 was so short-lived….

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