Bitcoin is having a tough time scaling a key moving average hurdle that has kept the bulls in check for four weeks straight.
BTC has notably failed to produce a weekly close above the EMA, establishing it as a crucial level to beat for the bulls.
At press time, BTC is trading at $6,580 on Bitfinex, having clocked a weekly high of $6,730 on Monday.
The retreat in the last three days indicates that BTC has failed yet again to leap the EMA hurdle, weakening the odds of further gains toward $7,000.
As seen in the chart above, the 10-week EMA has been firmly capping bitcoin prices for a month.
On Monday, BTC crossed the trendline sloping downwards from July highs, confirming a bullish breakout.
While one would have expected the price to now be well above the 10-week EMA hurdle, the EMA hurdle is still intact.
The rejection at the 10-week EMA despite the upside break on Monday may now embolden the bears.
View BTC's failure to keep gains above the 10-week EMA despite the trendline breakout has boosted the odds of a drop to $6,424.
A convincing break above the 10-week EMA of $6,698 would signal a continuation of the rally from the September low of $6,100 and would open up upside toward September highs above $7,400.
Bitcoin Price Stuck Below Key Hurdle For Fourth Week Running
Published on Oct 10, 2018
by Coindesk | Published on Coinage
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