Bitcoin Looks for Price Support After Failed $10K।। Post By ~ GPA (Steemlog#51)
Bitcoin's (BTC) pullback in prices over the weekend has dampened the immediate prospects for the bulls, the technical studies indicate.
Having witnessed a bullish pennant breakout last Friday, the cryptocurrency looked set to scale the $10,000 mark in a convincing manner over the weekend.
However, the bullish move unexpectedly ran out of steam at $9,990 at 13:00 UTC on Saturday, according to Bitfinex, and had retreated to $9,258 earlier today.
As of writing, bitcoin is changing hands at $9,400, representing a 2.67 percent drop from the previous day's close of $9,658.
4-Hour Chart
The above chart shows the pullback occurred after BTC was rejected (marked by a circle) at the inverse resistance of $9,950.
As noted above, BTC had looked on a solid ground following the bull pennant breakout, so the drop to $9,300 came as something of a surprise and has neutralized the immediate bullish outlook.
That said, a rebound from the ascending (bullish) 100-candle moving average (MA) in the 4-hour chart could put $10,000 back on the map.
Daily Chart
The daily chart shows that the 10-day MA is sloping upwards, providing more cause for bull optimism, On the other hand, if BTC closes below the 10-day MA, then the case for a further drop towards $8,652 (April 26 low and pennant low as seen in 4-hour chart) would strengthen.
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