Bitcoin’s 3% Price Rise Neutralizes Bearish Setup
Bitcoin’s price bounce has shed some of the recent bearish pressure, but there’s still a way to go before a bullish reversal is confirmed.
After hitting $8,314 on Sunday, the top cryptocurrency by market value is now trading around $8,200 on Bitstamp, representing a 3 percent gain on a 24-hour basis.
BTC was operating on slippery grounds last week with the Chaikin money flow index, used to gauge buying and selling pressure, reporting the strongest bearish bias in eight months.
The downside, however, was restricted near $7,800 on Friday and prices bounced back above $8,000 over the weekend.
The latest bounce from that level is the fifth since Sept.
26 and indicates seller exhaustion. The immediate bearish case, therefore, stands neutralized.
Other key indicators like the relative strength index are also reporting early signs of a bullish reversal.
That said, BTC is yet to invalidate the most basic of all bearish technical indicators, a lower high, lower low, as seen below.
Daily chart
BTC fell 3.69 percent on Oct. 11, marking a failure above the 200-day moving average (MA) and establishing a bearish lower high at $8,820.
A bearish lower high is essentially a shallow bounce that usually ends up recharging engines for a drop below recent lows.
The latest bearish lower high failed to challenge the low of $7,714 created on Sept. 30, a sign the sellers have run out of steam.
A bullish reversal, however, would be confirmed only if BTC prints a higher high above the Oct.
11 high of $8,820. So, with prices currently around $8,200, a bearish-to-bullish trend change is still $600 away.
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