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Nov 01, 2019 at 13:06 // News

Bitcoin Price Analysis: BTC price fails to break the $10,000 price level but retraces to find support at the $9,000 price level. Bitcoin is still hovering above the $9,000 price level for the past week.

Bitcoin price Long-term Prediction: Ranging 

Bitcoin has been fluctuating above the $9,000 price level after the sudden rush above the $10,000 price level. The support level is holding above the $9,000 price level, if the prices bounce at the support, the market will retest the $10,000 supply zone. Likewise, if there is a breakout at the $10,000 price level, Bitcoin will resume the uptrend movement.

 Nonetheless, if the bears break the $9,000 support level, the selling pressure will resume. The market may drop to the previous low of $7,400 support level. Traders are to abstain from trading as Bitcoin continues to fluctuate without direction.

Bitcoin Indicator Reading 

The Relative Strength Index period 14 level 56 indicates that the price has fallen to the range-bound zone. Bitcoin is likely to range for a few more days before the next direction of price. The price is testing the horizontal line if the bears break the line the downward move will resume.

Bitcoin price, November 1, 2019

What is the next direction for BTC/USD?

 Bitcoin is likely to range for a few more days as the price continues to range above the $9,000 support level. Nevertheless, if the price bounces at the support level, it may retest the $10,000 price level. The fluctuations will continue until when price breaks out of this range. However, the actual uptrend movement will resume when the bulls break the bearish trend line and the candlestick closes above it.

 Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds. By Coin Idol , 2019-11-01 13:06:00 ,

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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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