Bitcoin (BTC) is solidly bid on the first trading day of the week, but a move above $10,000 could turn out to be a bull trap, the technical charts indicate.
Having hit a 3.5-week low of $8,371 on Friday, bitcoin prices traded in a sideways manner in the range of $8,400 to $9,400 over the weekend, according to CoinDesk's Bitcoin Price Index. As of writing, BTC is seen at $9,885, and is up 13 percent in the last 24 hours, as per CoinMarketCap.
Despite the 14 percent recovery from Friday's low of $8,371, it's too early to call a bullish trend reversal, given that BTC is still down at least 18 percent from recent highs above $11,660.
Further, the price action over the weekend is indicative of short-term bear market exhaustion. For instance, on the Bitfinex exchange, bitcoin closed (as per UTC) below the 200-day moving average (MA) on Saturday for the first time since Feb. 5.
source
https://www.coindesk.com/bitcoin-eyes-10k-but-charts-hint-at-bull-trap-potential/
Topic: [2018-03-12] Bitcoin Eyes $10K, But Charts Hint at Bull Trap Potential (Read 93 times)
March 12, 2018, 06:12:19 AM
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