The Bitcoin news today are quite disappointing for many traders, as BTC went back below the $8,000 region and proved that bears are controlling the market. There are not much updates in the latest news as to what affected the price of Bitcoin – but what is clear is the fact that we see Bitcoin back below $8,000 and that is beyond awful.
While the Bitcoin bears are celebrating, the price of the dominant cryptocurrency remains range-bound as it can be seen clearly on the daily chart. The BTC price has been trading in this range since September 25th but yesterday showed that the bulls are in no control at all.
Speaking of, with Bitcoin back below $8,000, the bulls will be looking for a break above the range to signal likely price appreciation. The bears, on the other hand, have their eyes on the bottom for a breakdown and further downside. The price closed below the equilibrium (dashed centerline) of the range yesterday and led to a further depreciation and a likely trip to the lows.
When seeing things monthly, the latest cryptocurrency news show the most important line for Bitcoin which actually coincides with the range lows on the daily chart. There are a few clear support and resistance areas on the large time frame. However, the price of BTC has been hovering above one of them and was at ,777 for weeks.
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When it comes to the actual price action, BTC has been bullish but a monthly close with Bitcoin back below $8,000 will prove that the market is bearish. The last four monthly candles show that in detail and indicate strong selling interest from the present price to the recent $13,800 highs.
In the weekly chart, we can spot a hidden bullish divergence with the Relative Strength Index (RSI) which was confirmed two weeks ago. This was a strong sign of a possible price appreciation – as Bitcoin moved from the range lows around $7,000 to the range highs of $8,800 on this signal.
The big question now is – with Bitcoin back below $8,000, is there a potential for a move higher?
Bitcoin continues to move within a descending channel which began at the local highs near $13,800. The pattern has been confirmed and remains valid until a clear break above $9,000 occurs, proving that the bulls are in control again.
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