Published on October 11th, 2017 | by bitcoin0
Bitcoin Falters Near New High But $5K Is Still in Sight
The bitcoin-U.S. dollar (BTC/USD) exchange rate clocked a fresh five-week high of $4,925 on Tuesday, but ended the session with marginal losses at $4,750.
Techies may consider overbought conditions responsible for the retreat, while news traders may blame Putin’s comments on cryptocurrency for stalling the rally at a time when record high was within touching distance.
But, whatever the reason, bitcoin’s descend from $4,925 to $4,750 does call for caution.
The falling ATR on the bitcoin daily chart indicates weak momentum and a choppy market.
Bearish Scenario: a negative price action today would confirm bearish doji reversal and open doors for a pullback to $4,500 levels.