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  • Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar.
  • The price is likely to continue lower below the $8,640 and $8,600 support levels.
  • There is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bears remain in control unless the price climbs above $8,880 and $9,000.

Bitcoin price is under a lot of pressure below $8,880 against the US Dollar. BTC could decline significantly if it breaks the $8,640 and $8,600 support levels.

Bitcoin Price Analysis

Yesterday, we saw a couple of bearish patterns for bitcoin below the $8,880 resistance against the US Dollar. BTC remained in a bearish zone below the $8,800 level and the 100 hourly simple moving average.

The last rejection was near the $8,780 level and the 100 hourly SMA. A high was formed near $8,784 before the price declined below $8,700. Moreover, the price traded below $8,680 and it is currently testing the $8,640 support area.

If there is an upside correction, the $8,710 level is an immediate resistance. Besides, the 50% Fib retracement level of the recent decline from the $8,784 high to $8,636 low is also near the $8,710 level.

The main resistances on the upside are near the $8,740 and $8,750 levels. More importantly, there is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair.

An intermediate resistance is near the $8,730 level. It represents the 61.8% Fib retracement level of the recent decline from the $8,784 high to $8,636 low. Therefore, bitcoin price might struggle to break the $8,730-$8,750 resistance area.

Furthermore, BTC needs to climb above the key $8,800 and $8,880 resistance levels to move into a positive zone and start a decent recovery. The next resistance is near $9,000, followed by $9,250.

Conversely, the price might continue to move down if it fails to climb above $8,780, $8,800 and $8,880. An initial support is near the $8,640 level. The next key support is near the $8,600 level, below which the price is likely to accelerate lower towards the $8,500 and $8,300 support area.

Looking at the chart, bitcoin is facing a lot of resistances on the upside, starting with $8,780 and up to $9,000. A successful daily close above $9,000 is needed for a fresh increase in the coming days.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining and it is now well below the 50 level.

Major Support Levels – $8,640 followed by $8,600.

Major Resistance Levels – $8,780, $8,800 and $8,880.

The post Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K appeared first on NewsBTC.

NewsBTC , 2019-11-14 06:00:52 ,

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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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