Today's Close Pivotal
BTC: Price: $9,550 | Market cap: $174 billion | 24-Hr Volume: $47 billion
Trend: Neutral Bitcoin produced a classic "doji" candle on Sunday, indicating indecision in the market place. The candlestick pattern weakened the case for a deeper price pullback put forward by Saturday's 4.5 percent drop, the biggest single-day decline since November.
The doji candle's high and low of $10,051 and $9,598 are now reference points for future breakouts. A close above $10,051 would imply an end of the pullback from recent highs above $10,500 and shift risk in favor of a re-test of that level.
Alternatively, acceptance below $9,598 would mean the period of indecision, as represented by the doji candle, has ended with victory for the bears. In that case, a stronger downside move toward $9,075 (Feb. 4 low) could be seen.
Currently, prices are trading below $9,598. The breakdown, however, would be confirmed only if the sellers are able to secure a UTC close below that support. That looks unlikely with the daily chart showing an impending golden cross, a long-term bullish indicator. The weekly chart indicators are also biased bullish. Read Analysis |