Our website needs some good Author. Who can write Cryptocurrency and Blockchain related article. If anyone is interested writing article in our website, please SignUp.

Bitcoin Above $10,200 After Breakout Price Failed

September 11, 2019 at 2:22 AM | By Jit Sutradhar Markets News

Points of view

  • The Bitcoin hourly chart shows that yesterday’s declining wedge break failed, but the outlook remains neutral with prices that remain well above the key support at $ 10,060.
  • A break below $ 10,060 would strengthen the bearish configuration on the daily chart and could yield a drop to $ 9,755 (August 22 low).
  • The outlook would turn bullish if BTC overrides the bearish configuration of the lowest highs with a UTC close above $ 10,956 (high of August 20).

Bitcoin (BTC) lacks a clear directional bias at the time of publication, as it failed to capitalize on a bullish breakout on Monday.

The main cryptocurrency has spent much of the last 20 hours negotiating the narrow range of $ 10,200 to $ 10,400.

Prices fell to a minimum of one week of $ 10,060 at 08:10 UTC yesterday, indicating a possible resumption of mass sales from Friday’s high of $ 10,950. However, the fall to a minimum of seven days was short-lived, and BTC rose well above $ 10,500 at 11:20 UTC, confirming a bullish break in the hourly chart.

The rupture of the fall wedge implied an end of the retreat from the recent highs and a resumption of the rebound from the August 29 low of $ 9,320.

However, the bullish configuration failed to attract offers and prices fell back to $ 10,250 at 4:40 p.m. UTC, as seen in the chart below.

Hourly chart


The failed break has neutralized the bullish chart setting per hour.

Some observers consider failed outbreaks as a warning of an imminent mass sale. So far, however, the disadvantage has been restricted below $ 10,200.

The outlook will remain neutral as long as prices remain above $ 10,060, the minimum of the doji sail that applied the brakes on yesterday’s sale and fueled a price rebound to levels above $ 10,500.

If prices fall below $ 10,060, the bearish configuration seen in the daily chart below would gain credibility, possibly leading to a deeper fall to $ 9,750.

Daily chart


BTC fell from highs close to $ 10,950 to $ 10,280 on Friday, involving the price action seen in the last three trading days.

Essentially, the massive sale on Friday marked a downward breakdown of the consolidation, represented by the rotating candle on Wednesday and the doji candle on Thursday. The bear’s grip would be further strengthened if the $ 10,060 hourly graphic support is violated.

The outlook would turn bullish if prices manage to print a UTC close above the bearish low of $ 10,956 created on August 20.

At the time of writing, BTC is changing hands to $ 10,270 in Bitstamp, which represents a gain of 0.84 percent 24 hours.

While BTC is fluctuating, ethereum’s cryptocurrency ether (ETH), the second largest by market value, offers a better deal above $ 180 in Bitfinex.

Daily chart of ETH / USD


ETH jumped 5.35 percent on Saturday, confirming a breakdown of the descending wedge, a shift from a downtrend to a bullish trend. So far, the advantage has been limited to $ 185.00.

However, the cryptocurrency produced a candle with long wicks yesterday, marking indecision in the market. So now, $ 186 (Monday’s maximum) is the level to beat for the bulls.

A UTC close above that level would add credibility to the breakdown of the descending wedge and open the doors at $ 204 (maximum on August 19).

On the negative side, acceptance below $ 176 (Monday’s minimum) will likely invite sales pressure, producing a new proof of the recent low of $ 164.

Disclosure: the author has no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

Comments (0)

    Write a Reply or Comment

    You must be Logged In or Sign Up to post a comment.