RATE Group | Treading Water: Bitcoin Bulls Await Break Above $7,780
29697
post-template-default,single,single-post,postid-29697,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Treading Water: Bitcoin Bulls Await Break Above $7,780

06 Jun Treading Water: Bitcoin Bulls Await Break Above $7,780

Posted at 11:51h in Bitcoin News by

[ad_1]

Bitcoin (BTC) continues to operate in bearish territory and only a move above $7,780 would put the bulls back into the driver’s seat, the technical charts indicate.

As of writing, the cryptocurrency is trading at $7,591 on Bitfinex. The cryptocurrency was on the defensive yesterday, courtesy of a failed breakout and a rising-wedge breakdown and looked set to re-test the recent low of $7,040.

However, sellers ran out of steam at $7,372, as indicated by a doji candle and prices moved back above $7,600 in the Asian session today.

While the exact reason behind the bear exhaustion is unclear, it fits with a recently observed pattern that bitcoin changes direction in favor of the weaker side on, or close to, the sixth day of every month.

The cryptocurrency is down more than 30 percent from the recent high of $9,990, meaning the bulls are on the back foot. So bitcoin could turn higher today, as indicated by the historical pattern.

Furthermore, the fear of getting trapped on the wrong…

[ad_2]

Article Source

Tags:
, , , , , ,