Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

View Bitcoin’s broader uptrend is still valid despite Monday’s sudden move lower from $10,200. The weekly chart shows scope for a test of the October high of $10,350. A deeper pullback to support below $9,600 may be seen before the return of the rally, as the short duration charts are indicating buyer exhaustion. A UTC close under $9,075 (Feb. 4 high) would invalidate the bullish setup. Bitcoin’s broader bullish trend is intact despite Monday’s sharp retreat from a 3.5-month high over $10,000. The cryptocurrency ran into offers near $10,200 and fell to levels near $9,730 during the Asian trading hours on Monday and spent the rest of the day trading in the...