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Falling below $9,000, Bitcoin (BTC) has seen another dip today and its price dropped over $200 in an hour.

Alongside Bitcoin, the top 20 cryptocurrencies by market capitalization are seeing major losses of nearly 10% over the past 24 hours, according to data from Coin360.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

Following a fresh price decline, Bitcoin is trading down 4.9% at $8,736. With its intraday high of $9,253, Bitcoin tumbled more than $500 earlier today and is down around 4% over the past seven days, with an intraweek high above $9,500.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

Among the top 20 cryptocurrencies by market cap, Unus Sed Leo (LEO) is the only coin seeing gains at press time. The altcoin is up 1% to trade at $0.99 at the time of this writing.

On the other hand, Algorand (ALGO), the 20th biggest cryptocurrency by market cap, is down more than 10% over the past 24 hours, trading at $0.24.

The total crypto market capitalization presently accounts for $237 billion, according to Coin360.

As Cointelegraph reported on Nov. 5, some analysts say new sharp movements in Bitcoin’s price are filling in futures gaps. These gaps abruptly crash the market by hundreds of dollars before recovering minutes later, and they’re observed in situations when one session ends higher or lower than where the next one begins. Filling in futures gaps has reportedly become standard for Bitcoin, with analysts using them to predict potential declines in the market.

Major crypto bull Mike Novogratz suggested on Nov. 6 that the recent surge in Bitcoin’s price was triggered by China’s President Xi Jinping calling the country to accelerate blockchain adoption in late October. After China confirmed it’s not planning to mine Bitcoin in the country anymore, the market’s new downward movement contradicts Novogratz’s statement.

Not the Bitcoin market’s best day.

Keep track of top crypto markets in real time here

Cointelegraph By Helen Partz , 2019-11-08 16:02:00 ,

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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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