Price Eyeing Bearish Reversal from 100-Period SMA

Twitter Facebook LinkedIn The bitcoin-to-dollar exchange rate has dipped close to 1 percent on Thursday, now trading at 6470-fiat. The outcome of the US midterm elections with Democrats sweeping a sharp win in the House had certainly shaken the US dollar yesterday. The greenback nevertheless sustained its overall bullish momentum ahead of the Federal Reserve policy meeting today. It looks to hold on to its crucial supports owing to optimistic wage, price, and labor market data. Bitcoin, at the same time, could find it difficult to push through its critical…

This Bitcoin Price Chart May Give Early Warning of Next Bull Reversal

That bitcoin (BTC) has likely found a bottom around $6,000 is now generally accepted, so the challenge for investors and traders is to spot the early signs of a long-awaited bullish reversal. Basic technical theory suggests that a bearish-to-bullish trend change is confirmed after the price invalidates a “lower highs” pattern – a series of descending peaks. As such, bitcoin needs to rise above the September high of $7,400 to confirm a major bullish breakout. That would mean the number one cryptocurrency by market cap needs to rally close to…