Bitcoin Charts Hint At Price Pullback to Below $10K

View Bitcoin could fall below $10,000 this week as a strong sign of buyer exhaustion have emerged on the weekly chart in the form of "Gravestone doji" candle.

The case for a price retreat into the four digits would weaken if bitcoin jumps above $12,450, invalidating a bearish pattern on the 4-hour chart.

With the technical charts flashing signs of buyer exhaustion, bitcoin risks falling to levels below $10,000 this week.

This sort of price action, if witnessed following a stellar rally, is widely considered a sign of bullish exhaustion and an early warning of an impending price drop.

A number of bullish price drivers are lined up over the next few months, according to Alex Kruger, a prominent technical and fundamental analyst.

The case for a price drop to $10,000 looks strong.

As a result, the averages, currently located at $9,840 and $8,757, could fuel a price bounce.

The oscillator takes into account both the price and trading volume to gauge buying and selling pressures.

The bearish case would weaken if the price breaks above $12,448 with high volumes.

Chart image via Shutterstock; charts by TradingView.