Bitcoin Price May Break Longest Weekly Losing Run Since November

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  • Bitcoin is likely to end the current week (Sunday, UTC) on a positive note, having registered losses in the previous three weeks. Prices are currently up 10 percent on a month-to-date basis.
  • The weekly gain could be much bigger if prices invalidate a bearish lower highs pattern with a UTC close above $10,956 (Aug. 20 high).
  • BTC may end the week on a flat note or with losses below $9,767 (Monday’s opening price) if the recent trading range of $10,400-$10,800 is breached to the downside.
  • A range breakdown would put the bears in a commanding position and open the doors for a drop below $10,000.

Bitcoin (BTC) is flashing gains on a week-to-date basis and appears on track to end its longest seven-day losing run in nine-months.

The top cryptocurrency is currently trading at $10,750, representing 10 percent gains on the weekly (Monday) opening price of $9,767, according to Bitstamp data.

The price rise is preceded by three consecutive weekly losses – the cryptocurrency fell 3.67 percent in the seven days to Aug. 31, having dropped 10.49 percent and 1.77% in the preceding two weeks.

BTC last chalked out losses for three straight weeks in November 2018. Back then, the cryptocurrency had dropped 1, 12.56 and 29.15 percent in the first, second and the third week, respectively.

  • November 2018’s sell-off saw prices nosedive from $6,544 to $3,474.
  • BTC revived the bear market or the sell-off from the record high of $20,000 with a drop below $6,000 in the second week of November.
  • Prices bottomed out at $3,122 in December.

Compared to that, the latest losing streak looks less damaging and is a part of a multi-week consolidation, representing bullish exhaustion following a stellar rally from $4,000 to $13,800 in the second quarter.

If prices print a UTC close above $9,767 on Sunday, the three-week downward trend will end. Meanwhile, BTC will chart its first four-week losing run in three years if prices close below $9,767 on Sunday.

That said, BTC is likely…

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