Skip to content Skip to sidebar Skip to footer

This past week, bitcoin price followed a bearish path and traded below the USD 8,650 and USD 8,550 support levels. BTC/USD traded to a new monthly low and it is currently (09:00 UTC) consolidating losses above the USD 8,400 level. The technical formation is bearish, suggesting more losses towards USD 8,250 or USD 8,000.

Likewise, most major altcoins remained in a downtrend and failed to recover, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD settled below the USD 185 level, but it managed to stay above the USD 178 support. Besides, XRP/USD is under a lot of pressure and it recently settled below the USD 0.265 and USD 0.262 support levels.

Total market capitalization

Bitcoin and Altcoins Hesitate But Further Losses Seem Likely 101

Bitcoin price

There were mostly bearish moves in bitcoin price below the USD 8,650 level. BTC/USD even settled below USD 8,550 and traded close to the USD 8,400 level. The price is currently consolidating losses above the USD 8,400 level and it seems like there are chances of more losses.
An immediate support is near the USD 8,250 level. However, the main weekly support is near the USD 8,000 level, below which bitcoin might decline heavily. On the upside, there are many hurdles near the USD 8,650. The key weekly resistance is near the USD 8,850 level.

Ethereum price

Ethereum price failed to stay above the USD 185 support area. ETH/USD broke the USD 182 level and found support near the USD 178 level. The price is currently consolidating above USD 180, with resistances near USD 188 and USD 190.
On the downside, the main weekly supports are USD 180 and USD 178. If there is a clear break below the USD 178 support, the price could extend its decline towards the USD 160 level.

Bitcoin cash, EOS and XRP price

Bitcoin cash price failed to stay above the USD 280 support area and it even broke the USD 265 support. BCH/USD tested the USD 260 level and it seems like there could be more downsides towards the USD 250 level. On the upside, the USD 280 level is now a major resistance for a fresh increase.
EOS is settled below the USD 3.400 support level and even struggled to hold the USD 3.350 support. The price is currently consolidating above USD 3.350, with many hurdles near USD 3.450 and USD 3.500. A clear break above USD 3.500 could push the price towards USD 3.700. Conversely, the price may perhaps test USD 3.200.
XRP price is under a lot of pressure below the USD 0.265 and USD 0.262 support levels. XRP/USD is facing an increase in selling and it seems like the price could even visit the USD 0.250 support. The next key support is near the USD 0.245 level.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins gained more than 5%, including DX, EKT, KMD, ICX and NEXO. Out of these, DX is up more than 20% and EKT climbed nearly 10%.

Overall, bitcoin price is likely to continue lower towards USD 8,250 or USD 8,000. Conversely, BTC/USD must move above USD 8,650 and USD 8,850 to start a fresh increase. On the downside, the USD 8,000 support holds the key for the next major move.

Find the best price to buy/sell cryptocurrency:

Bitcoin and Altcoins Hesitate But Further Losses Seem Likely 102

Aayush Jindal , 2019-11-18 09:42:37 ,

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