View Bitcoin's moving average convergence divergence histogram is charting higher lows, indicating seller exhaustion.
A falling channel on the hourly chart may end with a bullish breakout and fuel a rally to $8,800.
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.
With the $400 pullback, the corrective bounce from Sept. 30's lows near $7,700 looks to have ended.
The higher lows indicate seller exhaustion, as noted above, and indicate scope for a stronger corrective bounce.
Put simply, buyers are beginning to test sellers' resolve in keeping prices low.
On the way higher, BTC may encounter resistance at the 200-day moving average, currently at $8,503.
Any rally to $8,800 or higher could be short-lived, as longer duration charts are still biased bearish.
Bitcoin image via CoinDesk Archives; charts by Trading View.
Bitcoin May Be Headed for a Stronger Price Bounce
Published on Oct 4, 2019
by Coindesk | Published on Coinage
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