{"id":402423,"date":"2019-10-26T09:06:10","date_gmt":"2019-10-26T09:06:10","guid":{"rendered":"https:\/\/wncen.com\/?p=402423"},"modified":"2024-06-11T13:31:31","modified_gmt":"2024-06-11T13:31:31","slug":"exhausted-bitcoin-price-down-13-from-10500-daily-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/exhausted-bitcoin-price-down-13-from-10500-daily-high\/","title":{"rendered":"Exhausted Bitcoin Price Down 13% From $10,500 Daily High"},"content":{"rendered":"

Bitcoin (BTC) has seen an absolute whirlwind 24 hours. Over the course of a single day’s time, $400 million worth of BitMEX positions were liquidated,<\/a> Bakkt volume surged to fresh all-time highs,<\/a> blockchain became a topic of discussion for Chinese President Xi Jinping, amongst other crazy events that managed to fall into the time span of a single. freaking. day.<\/p>\n

Related Reading: Bitcoin Price Rips Past $9,000, Now Up 20% On the Day<\/a><\/h6>\n

This zaniness, if you want to call it that, was reflected in the market for Bitcoin. The cryptocurrency saw a daily trading range of $7,300 to $10,600<\/a> \u2014 a jaw-dropping $3,300, around 40% if measured from the bottom. This surge represented the cryptocurrency’s third or fourth-largest gain in its history, depending on who you ask.<\/p>\n

However, it seems that bulls are exhausted. How could they be not?<\/p>\n

Bitcoin Bulls Take a Rest<\/strong><\/h2>\n

As of the time of writing, the leading cryptocurrency is resting on its laurels. The thing is, it’s not working.<\/p>\n

Since the daily peak of $10,600 seen some seven-odd hours ago, the cryptocurrency has slumped by 13%, falling by $1,300 from said peak. Bitcoin is now trading for $9,300, and seems poised to breakdown further unless bulls step in.<\/p>\n

<\/p>\n

$9,400 is purportedly a key resistance area that Bitcoin will need to close a daily candle above to verify that the bearish correction is most likely over and that continuation to $10,000 and beyond is possible.<\/p>\n

Importantly, though, this pullback corroborates an analysis done by Nunya Bizniz, a popular analyst. He noted, as reported by NewsBTC<\/a>, earlier on Saturday that a Bitcoin four-hour candle which reached as high as $10,600 on BitMEX, is a \u201cperfected Tom Demark Sequential 9.\u201d<\/p>\n

Bizniz remarked that \u201ca TD 9 typically indicates trend exhaustion,\u201d implying that there may be some stagnation or a healthy pullback before a resumption of the uptrend.<\/p>\n

Indeed. He added that according to Tone Vays\u2019 take on the indicator, \u201cwe may see a one to four candle pullback (four to 16 hours) and then resume up.\u201d<\/p>\n

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BTC 4hr:<\/p>\n

Current candle is a perfected TD9.<\/p>\n

A TD9 typically indicates trend exhaustion.<\/p>\n

However, It has occurred well above the TDST line (red dots). Which is a signal that the trend may continue.<\/p>\n

According to @ToneVays<\/a> we may see a 1 to 4 candle pull back and then resume up. pic.twitter.com\/BgtybbvcBi<\/a><\/p>\n

— Nunya Bizniz (@Pladizow) October 26, 2019<\/a><\/p><\/blockquote>\n