Bull Breather? Bitcoin Market Turns Indecisive at Two-Month High

Published on by Coindesk | Published on

Bitcoin is facing temporary bullish exhaustion, according to Wednesday's "Doji" candle.

The case for a notable pullback will strengthen if prices break below Wednesday's low of $8,555.

A move above the hourly chart resistance at $8,705 would allow a re-test of Wednesday's high near $8,900.

The bitcoin market is telling a tale of bullish exhaustion with indecisive price action following a rise to the highest point since November.

Prices rose from lows near $8,550 seen during the Asian trading hours to a two-month high of $8,903, only to end the day on a flat note at $8,808, according to CoinDesk's Bitcoin Price Index.

Essentially, bitcoin created a "Doji" candle, which is widely considered a sign of indecision in the marketplace.

The price action seen so far today is telling the same story.

At press time, bitcoin is trading near $8,600, representing a 1 percent drop on a 24-hour basis.

Bitcoin now risks a deeper pullback below Wednesday's low of $8,555.

Wednesday's high of $8,903 will likely come into play if prices violate the lower high of $8,705 seen on the hourly chart in the next few hours.

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