Bitcoin has been stopped dead at the 200 daily moving average

[clatter]

Bitcoin has been stopped dead at the 200 daily moving average (DMA) which was lost last week and now acts as resistance. If the bulls can break this key level and find support it will go some way to confirming that the bulls are back in business. Looking at the order book can be of some use as it helps to determine if there is any pent up demand. It can be somewhat misleading as large traders are unlikely to ‘show their hand’, but generally speaking it is useful to see if there is growing demand versus supply.

[insidiouschingers]

Bitcoin’s stark rejection from $8,820 does not appear to be ideal for bullish days ahead. The asset also was not quite able to reach the level from which it originally broke down. A stronger market might have seen bitcoin test that mark before facing such rejection. Additionally, Bitcoin failing to close today’s candle above the 200-day MA at $8,655 would be bearish, indicating another failed attempt to hold that significant level. Another close below the 200-day MA might signal future downside action.

[broodcoalition]

At the moment, Bitcoin is fairly stable on the 4-hour chart but buyers need to step in after such a strong rejection and swift drop in price. Bitcoin price sits on a couple of levels of support, such as the 4-hour Kijun and the top of a price move made on Oct. 7. Bitcoin also appears to be in the middle of a small uptrend, looking toward another possible move higher. Its current correction, as part of the trend, is not quite low enough to indicate a break in the lower time frame market structure.

[lopenbulk]

Altcoins shared in the exuberance surrounding Bitcoin’s parabolic price rise, with the majority of top market cap cryptocurrencies posting notable gains. After painting its 2019 high of $13,880, however, Bitcoin declined in price, posting lower highs. During this period, altcoins lost all momentum they had gained during Bitcoin’s price run, spiraling into strong downtrends. The state of the altcoin market seems to have changed though, as Bitcoin’s market dominance falls and many digital assets start to show positive market data. Some altcoin projects have also come forward with announcements, adding positive sentiment to the scene.

[clatter]

Bitcoin dominance also shows a break in market structure, tallying a lower high on its most recent significant bounce up to 71.90%, followed by a lower low. Barring any significant negative news for Bitcoin or the overall cryptocurrency space, a downward trend in Bitcoin dominance likely will result in positive price action for altcoins, as has been the case in the past. Bitcoin dominance currently heads in the right direction for an altcoin recovery, down 4% from its 2019 high. TradingView shows that Bitcoin dominance has fallen below the 100-day moving average (MA), successfully flipping the level to resistance as shown by a failed retest of the level.

[lopenbulk]

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