Treading Water: Bitcoin Bulls Await Break Above $7,780
Still in bearish territory, bitcoin need to clear resistance at $7,780 in order to regain a bullish bias.
Still in bearish territory, bitcoin need to clear resistance at $7,780 in order to regain a bullish bias.
A major reprieve just may be in the offing for the battered bitcoin bulls in the next 36 hours – if, that is, historical patterns repeat themselves.
Bitcoin's retreat from Sunday's high of $7,779 has poured cold water over the bull mood generated by the weekend's positive price action.
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A long-term moving average has turned bearish for the first time in four years, threatening to impede continued gains in bitcoin's price.
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Bitcoin is down again and looks set to test another key support level at $6,900, the technical charts indicate.