Bitcoin
$43,259.30-7.97%
Ethereum
$2,981.99-9.41%
XRP
$0.922674-11.51%
Cardano
$2.11-7.14%
Polkadot
$28.63-13.56%
Stellar
$0.283021-9.13%
Dogecoin
$0.209918-9.08%
Chainlink
$23.74-12.23%
Uniswap
$21.06-10.81%
Polygon
$1.14-12.05%
Litecoin
$158.21-8.83%
Bitcoin Cash
$542.81-10.63%
Cosmos
$34.44-16.95%
Wrapped Bitcoin
$43,162.01-7.90%
Algorand
$1.68-13.48%
Filecoin
$75.79-7.99%
The Graph
$0.708376-11.28%
Tron
$0.093319-9.15%
Ethereum Classic
$49.41-10.13%
Aave
$292.17-13.00%
Tezos
$5.36-16.38%
Monero
$232.26-10.38%
NEO
$41.57-12.47%
EOS
$4.22-13.59%
IOTA
$1.30-13.61%
BitTorrent
$0.003384-10.89%
Bitcoin SV
$136.58-11.24%
Maker
$2,420.70-11.36%
Waves
$23.19-14.25%
Dash
$171.50-10.01%
Decred
$122.49-11.64%
ICON
$1.68-6.11%
Decentraland
$0.677290-14.14%
OmiseGO
$10.50+11.03%
NEM
$0.155725-12.32%
Zcash
$118.62-10.74%
Qtum
$10.54-12.54%
Yearn Finance
$29,476.97-9.42%
NuCypher
$0.275579-14.19%
Paxos Standard
$1.01+0.94%
Bitcoin Gold
$54.87-13.43%
Basic Attention Token
$0.657670-9.78%
0x
$0.916389-12.25%
Bancor
$3.53-9.95%
Fetch.ai
$0.682547-10.73%
Ren
$0.772317-12.95%
Band Protocol
$7.61-13.65%
Siacoin
$0.015429-13.52%
Kava.io
$5.18-13.00%
Nano
$4.83-11.08%
Loopring
$0.403039-9.92%
Storj
$1.15-12.81%
Lisk
$2.99-15.98%
Numeraire
$39.27-12.27%
Civic
$0.421734-13.89%
Orchid
$0.339368-7.48%
PAX Gold
$1,770.91+0.61%
Augur
$22.16-12.83%
Aragon
$5.04-15.14%
Enzyme
$102.83-14.72%
district0x
$0.152337-12.20%
Kyber Network
$1.50-13.08%
SingularDTV
$0.001341-5.42%
Tether
$0.999939-0.04%
USD Coin
$1.00-0.01%
Dai
$1.00-0.03%

Bitcoin Price Stuck Below Key Hurdle For Fourth Week Running

Bitcoin's ascent has again been cut short by a key moving average, which has been suppressing bull action since mid-September.

Oct 10, 2018
CoinDesk Insights

Bitcoin is having a tough time scaling a key moving average hurdle that has kept the bulls in check for four weeks straight.

The obstacle that is proving so hard to beat is the 10-week exponential moving average (EMA), which stalled a rally attempt from around $6,100 in mid-September.

Since then, BTC has notably failed to produce a weekly close (Sunday's close as per UTC) above the EMA, establishing it as a crucial level to beat for the bulls.

At press time, BTC is trading at $6,580 on Bitfinex, having clocked a weekly high of $6,730 on Monday. The 10-week EMA, meanwhile, is flatlined at $6,698.

The retreat in the last three days indicates that BTC has failed yet again to leap the EMA hurdle, weakening the odds of further gains toward $7,000.

Weekly chart

As seen in the chart above, the 10-week EMA has been firmly capping bitcoin prices for a month.

On Monday, BTC crossed the trendline sloping downwards from July highs, confirming a bullish breakout. While one would have expected the price to now be well above the 10-week EMA hurdle, the EMA hurdle is, in fact, still intact.

The rejection at the 10-week EMA despite the upside break on Monday may now embolden the bears.

View

  • BTC's failure to keep gains above the 10-week EMA despite the trendline breakout has boosted the odds of a drop to $6,424 (last week's doji candle low).
  • A violation there would open up downside toward the psychological resistance of $6,000.
  • A convincing break above the 10-week EMA of $6,698 would signal a continuation of the rally from the September low of $6,100 and would open up upside toward September highs above $7,400.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; Charts by Trading View 

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...