RATE Group | Short of Target: Bitcoin’s $1K Rally Leaves Bear Bias Intact
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Short of Target: Bitcoin’s $1K Rally Leaves Bear Bias Intact

19 Jul Short of Target: Bitcoin’s $1K Rally Leaves Bear Bias Intact

Posted at 15:13h in Cryptocurrency News by

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  • Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level would invalidate bearish lower-highs setup.
  • The bulls may have a tough time forcing a break above $11,080 amid news of BitMEX exchange facing a regulatory probe and talks of harsher crypto regulation.
  • Prices could drop below $10,000 in the next 24 hours with daily chart indicators continuing to report bearish bias.
  • A weekly close (Sunday, UTC) above $12,000 is needed to revive the bullish view.

Bitcoin (BTC) has rallied sharply in the last 24 hours, but the outlook remains bearish with prices holding below key resistance around $11,080.

The premier cryptocurrency jumped from $9,200 to $10,400 in just 40 minutes during the U.S. session yesterday, contradicting the case for a drop below $9,097 put forward by multiple rejections at $10,000 in the Asian trading hours.

Price rose further to $10,800 at 23:45 UTC, but closed at $10,648, leaving…

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