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This week, bitcoin followed a bearish path below the USD 9,000 and USD 8,800 support levels. BTC/USD even traded below the USD 8,650 support and it is now (09:00 UTC) trading just above the USD 8,500 support. The current price action suggests that there could be more losses below USD 8,500.

Similarly, most major altcoins declined this week and lost many key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD broke the USD 185 support and recently tested the USD 182 support area. XRP/USD is currently under a lot of pressure and it may even break the USD 0.260 support area.

Total market capitalization

Bitcoin and Altcoins Target Fresh Monthly Lows 101

Bitcoin price

After a close below the USD 8,750 level, bitcoin price extended its decline. BTC/USD even broke the USD 8,650 support and traded close to the USD 8,500 level. On the upside, there are many resistances forming near the USD 8,750 and USD 8,800 levels. If there is a clear break above the USD 8,850 level, the price could start a decent recovery.
Conversely, the price may perhaps continue to move down below USD 8,550 and USD 8,500. The next major support is near the USD 8,320 level, where the bulls are likely to take a stand in the near term.

Ethereum price

Ethereum price is failed to stay above the USD 185 support and extended its decline as discussed yesterday. ETH/USD is now trading near the USD 182 support and it could even test the USD 180 support area.
On the upside, the USD 185 level is an initial resistance area. The main resistances on the upside are near the USD 188 and USD 190 levels, above which the price is likely to start a strong recovery.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price failed to stay above the key USD 280 support area. As a result, BCH/USD extended its decline and traded close to the USD 270 level. The next major support is near the USD 265 level, below which the price is likely to test the USD 250 area. On the upside, the USD 280 and USD 285 are now hurdles for a fresh increase.
Litecoin is also following bitcoin and it traded below the key USD 62.00 and USD 60.50 support levels. LTC/USD is currently under a lot of pressure and it may perhaps test the USD 58.00 support area. To recover, the price must climb above USD 62.00.
XRP price is declining steadily and it settled below the USD 0.270 support area. XRP/USD is now approaching the USD 0.262 and USD 0.260 support levels. Any further losses might trigger a move towards the USD 0.250 support area.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins jumped more than 10%, including VEE, XVG, SEELE, VET, ZEN, XTZ and DCR. Out of these, XVG surged more than 35% and SEELE is up nearly 20%.

To sum up, bitcoin is still following a downtrend and there are no signs of a recovery above the USD 8,850 and USD 9,000 resistance levels. Therefore, there is a risk of more losses below the USD 8,500 support level in the near term.

Find the best price to buy/sell cryptocurrency:

Bitcoin and Altcoins Target Fresh Monthly Lows 102

Aayush Jindal , 2019-11-15 09:37:52 ,

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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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