28 Sep '17, 5pm

Bull Trap? Bitcoin Prices Struggle to Build Momentum Above Moving Average

Bull Trap? Bitcoin Prices Struggle to Build Momentum Above Moving Average

Despite rising again above its 50-day moving average today, the bitcoin-US dollar (BTC/USD ) exchange rate is having a hard time gaining altitude. At press time, the digital currency is trading at $4,188, down from a high of $4,269 earlier today; its highest level since September 12. Week-on-week, BTC is up 14.4%, while month-on-month it is still nursing 5.5% loss. Still, with no clear adoption or technical drivers, there is cause for concern that a potential "bull trap" is developing. With prices failing to build on the overnight bullish break, caution is likely to seep into the market. Further, price action analysis underscores the need for traders to be cautious – a failure to hold above 50-day moving average for the third time could turn the tables in favor of the bears. Daily chart - History is not repeating itself On the charts, bulls are struggling to mimic a succes...

Full article: https://www.coindesk.com/bull-trap-bitcoin-prices-struggl...

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Bitcoin Price Hits Target, Where Next?

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