Bitcoin Bounce Struggles to Hold [Bitcoin Price Update 2/4/2018]

The price of Bitcoin has stalled near $9,600 at the 4-hour chart 34 EMA. Until BTCUSD can break above this overhead resistance, the Bitcoin price will remain under pressure.

The daily chart remains bearish. BTCUSD trades below both its 34 EMA and its 89 SMA, and the faster moving average has a lower value than the slower moving average. Once the market is ready to resume a bull trend, BTCUSD will first need to trade above its falling 34 EMA. On the daily chart, that level is currently $11,600 but will likely fall further as the price stays low.

As expected, the 4-hour chart 34 EMA capped yesterday's rally. The price stalled near $9,600 and has moved lower from there. To turn bullish, BTCUSD will need to trade first above its 34 EMA at $9,450, and then above its 89 EMA at $10570. Unless and until these levels are breached, the bearish pressure will continue.

Bitcoin is still in a bearish mode. There is hope a bounce will take prices higher, however hope is not a substitute for the price actually trading higher. Price and time will tell us when the bull trend has resumed.

DISCLAIMER
This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action. You will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives.