Holding Strong: Failed Price Breakdown a Boon for Bitcoin Bulls?

[Cordillerabit]

Bitcoin has witnessed decent two-way business in the last 24 hours.

A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.

At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.

As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.

The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.

4-hour chart

The chart above shows:

1. Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.
2. The relative strength index (RSI) holds above 50.00 (bullish territory).

1-hour chart

...The descending trend line seen on the chart above has been breached as well, suggesting there is scope for a rally.

https://www.coindesk.com/holding-strong-failed-breakdown-a-boon-for-the-bitcoin-bulls/