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After a major decline, bitcoin price started a short term upside correction above the USD 8,850 level. BTC/USD even spiked above USD 9,000, but upsides remained capped. The price is currently (09:00 UTC) declining and it remains at a risk of more downsides below the USD 8,750 support area.

Similarly, altcoins are currently trading in a bearish zone, including ethereum, ripple, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is facing resistance near the USD 188 and USD 190 levels. Moreover, XRP/USD is facing a strong resistance near the USD 0.282, USD 0.284 and USD 0.285 levels.

Total market capitalization

Bitcoin and Altcoins Trading With Bearish Bias 101
Source: www.tradingview.com

Bitcoin price

Recently, bitcoin price corrected above the USD 9,000 level. However, BTC/USD failed to surpass the USD 9,100 and USD 9,120 resistance levels. As a result, the price declined below USD 9,000 and trimmed most of its gains. The price is now trading below USD 9,000, with an immediate support at USD 8,750. The main weekly supports are near the USD 8,650 and USD 8,550.
On the upside, the price is likely to struggle near USD 9,000, USD 9,100 and USD 9,120. A successful close above USD 9,120 is likely to open the doors for a recovery in the coming days.

Ethereum price

Ethereum price recovered above the USD 185 resistance in the past few hours. ETH/USD even climbed above the USD 190 resistance, but it failed to continue higher. A fresh decrease was initiated and the price declined below the USD 188 level. It seems like the price is facing a lot of hurdles near the USD 188 and USD 190 levels.
On the downside, an initial support is near the USD 185 level. The main weekly support is near the USD 180 level, below which the price could accelerate towards USD 170 or USD 166.

Bitcoin cash, eos and XRP price

Bitcoin cash price revisited the USD 300 resistance again and it faced a strong selling interest. BCH/USD failed to surpass USD 300 and recently started a fresh decline. The price is now trading below USD 290 and it may soon test the USD 285 support area. The main support is USD 280 and the key resistance is near USD 300.
EOS made two attempts to surpass the USD 3.650 resistance area, but the bulls failed to gain strength. The price is now trading near the USD 3.500 level, below which it could continue to move down towards the USD 3.350 support area in the near term.
XRP price is trading in a bearish zone below the USD 0.282 pivot level. On the downside, an immediate support is near USD 0.272, below which XRP/USD could decline further. The next key support is near the USD 0.265 level. On the upside, there are many resistances near USD 0.282 and USD 0.284.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins gained more than 5%, including DX, ODE, RLC, VSYS, SLV, ATOM and VET. Conversely, SNX, LUNA, BCN, BTM, REN and KCS are down more than 5%.

Overall, bitcoin is trading in a bearish zone below USD 9,000 and it might continue to decline. If BTC/USD fails to hold the USD 8,550 support, there is a risk of a sharp decline towards the USD 8,000 support area in the near term.
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Bitcoin and Altcoins Trading With Bearish Bias 102

Aayush Jindal , 2019-11-11 09:43:30 ,

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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.

Featured Image from Shutterstock


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

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