Bitcoin’s failure to find acceptance above the $11,000 mark this week has neutralized the immediate bullish outlook. However, the rally from Feb. 6 lows could resume if prices break above $11,250, the technical charts indicate.
As of writing, CoinDesk’s Bitcoin Price Index (BPI) is seen at $10,345 – down 6 percent in the last 24 hours. The BPI closed (as per UTC) above $11,000 on Feb. 17, but has since struggled to maintain the bullish momentum.
So, it appears the rally from the Feb. 6 low of $5,947 has run out of steam. Further, the BPI chart also shows a bearish reversal pattern.
The price action of the last two days confirms a bearish doji reversal. Bitcoin (BTC) clocked a three-week high of $11,767 on Tuesday, but closed (as per UTC) with minor gains at $11,228.24, resulting in a “gravestone doji” candlestick pattern (marked by arrow). Additionally, BTC fell more than 6 percent yesterday, marking a bearish follow-through to the gravestone doji…