ForexTrendline

Bitcoin Price Returns to $ 8,700

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
At the time of writing, Bitcoin was down by just 3.34% to $ 8,715.36 for. A mixed start to the day saw Bitcoin firstly rise from an early morning to a high $ 9,075.32. Elsewhere, EOS (-0.01%) and Litecoin (-1.74%) were also in the red in the early part of the day. It was a more bullish start for the rest of the majors, however, with Stellar's Limen up by 3.08% for the last 24 hours.

Bitcoin would need to move back through to $ 9,140 levels to support a bullish run at the first resistance level at $ 9,253.4. But major resistance is the high of 26th Oct. at $ 10 350.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $ 9,142.

Since the high of 26th of June, Bitcoin BTC /USD is sinking and at the end of September the pair broke below symmetrical triangle (in red) on daily chart , as supply overcame demand. Since then, the price has been consolidating within a pennant formation, particularly potent with the 200 SMA as its bottom — which, after the preceding 40% surge over the two day period from Oct. 25 to 26 — suggested continued upside movement.

However if today’s fall extend, a clear break and close below the triangle’s downtrend line, the 200 SMA , the pennant’s bottom and the preceding low on Nov. 8, will suggest a pattern failure for the pennant . In that case next target for the bears will be $ 8 120.
Trade closed: target reached: The bearish target $ 8 120 was reached on 21st Nov.

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