Bitcoin's Four-Month Bear Trend Intact Even After 16% Price Rise

View Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.

Bitcoin eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237.

The 16-percent gain seen last week is bitcoin's ninth double-digit weekly rise of 2019.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

Last week's price rise was backed by a surge in trading volumes to the highest level since July.

The long upper wick attached to Friday's and today's daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

The bearish divergence would be invalidated if prices rise above $9,730.