2018-6-19 12:45 |
Despite the bearish chart setup, bitcoin rose to a six-day high on Monday, putting a corrective rally to $7,000 back on the map
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Bitcoin is about to see a key bullish cross of two moving averages the first time in nearly four years.
Bitcoin's three-day price consolidation looks to be a bull breather before a continuation of the recent rally to above $4,000.
With bitcoin showing resilience to negative news flow, a strong bullish move is looking increasingly likely.
Bitcoin has reported losses in January for the last four years, and a fifth now looks on the cards.
After breaching key support on Sunday, emboldened bears could soon push bitcoin prices back towards $3,100.
Bitcoin’s price saw its biggest drop for seven weeks on Thursday, weakening the prospects of a bullish breakout above $4,100.
Bitcoin is losing altitude as an unwinding of bullish bets is creating downward pressure on prices.