Bitcoin Value is Caught Under Key Hurdle For Fourth Week

Bitcoin is having a tricky time scaling a key transferring common hurdle that has saved the bulls in test for 4 weeks straight.

The impediment that’s proving so arduous to beat is the 10-week exponential transferring common (EMA), which stalled a rally try from round $6,100 in mid-September.

Since then, BTC has notably failed to provide a weekly shut (Sunday’s shut as per UTC) above the EMA, establishing it as an important degree to beat for the bulls.

At press time, BTC is buying and selling at $6,580 on Bitfinex, having clocked a weekly excessive of $6,730 on Monday. The 10-week EMA, in the meantime, is flatlined at $6,698.

The retreat within the final three days signifies that BTC has failed but once more to leap the EMA hurdle, weakening the chances of additional positive factors towards $7,000.

Weekly chart

As seen within the chart above, the 10-week EMA has been firmly capping bitcoin costs for a month.

On Monday, BTC crossed the trendline sloping downwards from July highs, confirming a bullish breakout. Whereas one would have anticipated the value to now be nicely above the 10-day EMA hurdle, the EMA hurdle is, actually, nonetheless intact.

The rejection on the 10-week EMA regardless of the upside break on Monday could now embolden the bears.


  • BTC’s failure to maintain positive factors above the 10-week EMA regardless of the trendline breakout has boosted the chances of a drop to $6,424 (final week’s doji candle low).
  • A violation there would open up draw back towards the psychological resistance of $6,000.
  • A convincing break above the 10-week EMA of $6,698 would sign a continuation of the rally from the September low of $6,100 and would open up upside towards September highs above $7,400.

Disclosure: The writer holds no cryptocurrency belongings on the time of writing.

Bitcoin picture through Shutterstock; Charts by Trading View 

Be a part of 10,000+ merchants who come to us to be their eyes on the charts and join Markets Each day, despatched Monday-Friday. By signing up, you comply with our terms & conditions and privacy policy

The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial policies. CoinDesk is an unbiased working subsidiary of Digital Foreign money Group, which invests in cryptocurrencies and blockchain startups.

Source link

Related Posts

About The Author

Add Comment