【Announcement】Updated on 19/02/2020 02:50:06 PM
Bitcoin May Be Headed for a Stronger Price Bounce

Bitcoin’s moving average convergence divergence (MACD) histogram is charting higher lows, indicating seller exhaustion. Other indicators are also reporting oversold conditions. A falling channel on the hourly chart may end with a bullish breakout and fuel a rally to $8,800. On the way higher, BTC may encounter resistance at $8,500 (200-day average). The case for a stronger corrective bounce would weaken if prices find acceptance below $8,000. Bitcoin’s stalled recovery rally may soon gather pace, as a key indicator is reporting seller exhaustion. The top cryptocurrency by market value is currently trading at $8,130 on Bitstamp, having faced rejection at highs above $8,500 on Oct. 1. With the $400 pullback, the corrective bounce from Sept. 30’s lows near $7,700 looks to have ended. Bitcoin’s MACD histogram, however, is telling otherwise. A technical tool used to identify trend strength and trend changes, the MACD has recovered sharply from the Sept. 26 low of -236 to -56 suggesting weakening bearish momentum.