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In the past two days, bitcoin price failed to gain pace above the USD 7,350 and USD 7,400 resistance levels. As a result, BTC/USD started a fresh decline and recently broke the key USD 7,200 support area. However, the price is still holding USD 7,000 (09:00 UTC), below which there is a risk of a sharp drop.

Moreover, most major altcoins were dragged lower by bitcoin, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is now trading below USD 150 and it could continue to move down towards USD 140. Besides, XRP/USD is likely to revisit the main USD 0.202 support area in the near term.

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Bitcoin and Altcoins Gaining Bearish Momentum 101

Bitcoin price

Recently, bitcoin price extended its decline below the USD 7,250 and USD 7,200 support levels. BTC/USD tested the USD 7,080 level and it is currently consolidating losses. The current price action is bearish and it seems like there could be more downsides below the USD 7,020 and USD 7,000 support levels.
The next major support is near the USD 6,850 level, below which the price could even revisit the USD 6,550 support area. On the upside, there are many resistances for the bulls near USD 7,200, USD 7,280 and USD 7,350.

Ethereum price

Ethereum price is now trading below the USD 152 and USD 150 resistance levels. ETH/USD is declining and it is likely to test the USD 140 support area. Any further losses may perhaps push the price towards the USD 135 level.
On the upside, the USD 152 and USD 150 are important hurdles. A clear close above USD 152 is needed for a strong rise in the coming sessions.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down more than 4% and it failed to clear the USD 220 and USD 225 resistance levels. BCH/USD is now approaching the main USD 200 support area. If the bulls fail to protect the USD 200 handle, the price could dive towards the USD 182 support area. On the upside, an initial resistance is near USD 215, followed by USD 220.
Litecoin is sliding below the USD 45.50 and USD 44.50 support levels. LTC/USD is likely to accelerate lower toward the USD 40.50 and USD 40.20 support levels. On the other hand, a successful break above USD 45.50 is needed for a recovery.
XRP price started a fresh decline below the USD 0.220 support area. XRP/USD traded below USD 0.215 and it seems like it could even trade below USD 0.212 and USD 0.210. In the mentioned case, the price is likely to revisit the USD 0.202 support area.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins extended their decline more than 5%, including RLC, QNT, MOF, FET, KMD, LUNA, ZEN, EKT, ATOM, DGD, IOST and TRX. Out of these, RLC dived around 12% and QNT is down close to 11%.

Overall, bitcoin is under pressure and it could even break the USD 7,000 support area in the coming sessions. Conversely, BTC/USD must gain pace above USD 7,350 and USD 7,400 to start a strong upward move.

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Bitcoin and Altcoins Gaining Bearish Momentum 102

Aayush Jindal , 2019-12-04 11:46:40 ,

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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.

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

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