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23 September 2019

History Favors the Bulls as Bitcoin Trades Sideways at $10K

History Favors the Bulls as Bitcoin Trades Sideways at $10K


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Bitcoin’s (BTC) price rally has stalled in the last 10 weeks, but the bullish case remains intact with prices hovering well above a historically strong price support.

Since then, however, the cryptocurrency has charted a narrowing price range with lower highs above $12,000 and higher lows below $10,000, as seen in the chart below.

Notably, the higher lows (marked by arrows) were established along the ascending (bullish) 55-candle EMA and almost every bounce ended up setting a higher high.

For instance, bitcoin’s pullback from the June 2016 high above $770 ran out of steam below the 55-candle EMA at $542 in August 2016 following which prices rallied to $1,100 by January 2017.

The Chaikin money flow index, which incorporates both prices and trading volumes, is also reporting a bullish divergence – higher lows contradicting lower lows on price.

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