Skip to content Skip to sidebar Skip to footer

Yesterday, we discussed the possibility of a downside extension in bitcoin towards the USD 8,250 and USD 8,050 support levels. BTC/USD did decline recently and broke the USD 8,250 support area. The price is now (09:00 UTC) struggling to stay above the USD 8,050 and USD 8,000 support levels.

Similarly, most major altcoins extended their decline below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD broke the key USD 178 support and recently tested the USD 175 support area. XRP/USD declined heavily and tested the USD 0.242 support, where buyers appeared.

Total market capitalization

Bitcoin and Altcoins Downside Thrust Underway 101
Source: www.tradingview.com

Bitcoin price

In the past few hours, bitcoin price faced a renewed selling pressure below USD 8,320. As a result, BTC/USD declined below the USD 8,250 support area and traded close the USD 8,050 and USD 8,000 support levels. The price is currently consolidating and it seems like there is a risk of more losses below the USD 8,000 level.
The next major support is near the USD 7,850 level. On the upside, the previous supports near the USD 8,250 and USD 8,320 levels may perhaps act as key resistances if the price corrects higher in the short term.

Ethereum price

Ethereum price failed to stay above the USD 180 support area and extended its decline. ETH/USD even broke the USD 178 support and traded close to the USD 175 support. The next supports are near the USD 172 and USD 170 levels.
On the upside, the USD 182 level is an initial resistance area. The main resistances on the upside are near the USD 185 and USD 186 levels, followed by the all-important USD 190 zone.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price traded below yet another key support near the USD 265 level. BCH/USD is down more than 7% and it is trading below the USD 250 support. If there are more downsides, the price could test the USD 225 support area in the near term. On the upside, the USD 260 and USD 265 levels are now significant hurdles.
Litecoin is also down more than 5% and it broke many supports near USD 60.00 and USD 58.50. LTC/USD is now trading near the USD 56.00 level and it may even struggle to stay above the USD 55.00 support area. The next major support is near the USD 52.00 level.
XRP price accelerated its decline after it settled below the USD 0.255 support. XRP/USD broke the USD 0.250 support and tested the USD 0.242 support area. The price is currently correcting higher, but it seems to be facing resistance near the USD 0.250 and USD 0.252 levels.

Other altcoins market today

In the past three sessions, many small capitalization altcoins declined more than 8%, including DX, EKT, RLC, STEEM, AOA, BTM, DCR, OMG, CHZ, ONT, QTUM, HC, ZRX, ALGO and BSV. Out of these, DX is down more than 14% and EKT declined close to 12%.

To sum up, bitcoin is declining and remains in a downtrend below USD 8,400 and USD 8,500. To start a strong recovery, BTC/USD must climb above USD 8,550. If not, it could continue to move down towards the USD 7,850 level.
_____

Find the best price to buy/sell cryptocurrency:

Bitcoin and Altcoins Downside Thrust Underway 102

Aayush Jindal , 2019-11-19 09:43:17 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

Source link