Bitcoin’s (BTC) three-day winning streak is encouraging for the bulls, but only a quick move above $10,500 would negate the risks of the so-called “death cross.”
Having bottomed out at $7,335 on Sunday, prices on CoinDesk’s Bitcoin Price Index (BPI) rose to $9,127 today – the highest level since March 14. As of writing, the BPI is seen at $9,074. The retreat from the intraday highs could be associated with the signs of bearish relative strength index divergence seen on the hourly chart.
The 22.7 percent recovery from $7,335 suggests the bulls have regained control, at least for the time being. However, the cryptocurrency is not out of the woods yet, the long duration technical studies indicate.
Sourced through Scoop.it from: www.coindesk.com