RATE Group | Pullback Over? Bitcoin Bounces $600 from $11K Price Support
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Pullback Over? Bitcoin Bounces $600 from $11K Price Support

12 Jul Pullback Over? Bitcoin Bounces $600 from $11K Price Support

Posted at 14:11h in Cryptocurrency News by

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  • Bitcoin’s bounce from the support of the 10-candle moving average (MA) on the three-day chart may have opened the doors for a retest of recent highs above $13,000. The MA has consistently reversed pullbacks since February.
  • A failure to hold above that support level ($11,167 currently) would validate the bearish candlestick pattern seen on the daily chart and allow a drop to support at $10,769.
  • A UTC close below $9,615 (July 2 low) would confirm a bearish reversal.

Bitcoin has bounced up from historically strong price support, raising the prospects of a renewed push toward recent highs above $13,000.

The cryptocurrency market leader had been on the defensive in the Asian trading hours today, looking set for a drop below $11,000 after a failure to capitalize on a falling wedge breakout seen yesterday.   

The move below $11,000, however, remained elusive with the cryptocurrency finding takers around the three-day chart 10-candle moving average (MA)…

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