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In the past few sessions, bitcoin price declined below the USD 9,350 and USD 9,250 support levels. BTC/USD is now trading below USD 9,150 and it seems like it could continue to slide towards the USD 9,000 and USD 8,850 support levels.
Similarly, altcoins started a fresh decline below key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is now trading below the USD 188 and USD 185 support levels. Also, XRP/USD broke a major support area near the USD 0.292 level and it is trading well below USD 0.284.

Total market capitalization

Bitcoin Price, Altcoins Turn Red 101
Source: www.tradingview.com

Bitcoin price

There was an increase in selling pressure on bitcoin price below the USD 9,350 and USD 9,250 support levels. BTC/USD could continue to weaken, but the USD 9,000 support zone might play an important role. If the price fails to stay above USD 9,000, it could extend its decline towards the USD 8,850 support area.
On the upside, the price is facing hurdles near the USD 9,250 and USD 9,350 levels. Having said that, a successful close above the USD 9,400 level is a must for the price to move into a positive zone.

Ethereum price

Ethereum price failed to stay above the USD 190 level and it declined below the USD 188 support. ETH/USD is trading below USD 185 and it might continue to decline. An immediate support is near the USD 180 level, below which the price may perhaps test USD 178.
On the upside, the previous supports near USD 188 and USD 190 are likely to act as hurdles. A convincing close above USD 190 might set the pace for more upsides.

Bitcoin cash, eos and XRP price

Bitcoin cash price is down around 3% and it is trading below USD 290. An initial support is near the USD 285 level, followed by the main USD 280 support. If there is a bearish break below the USD 280 support, the price could decline further towards the USD 268 and USD 265 levels.
EOS is sliding and trading below the USD 3.550 support area. If it continues to slide, the bulls could protect the USD 3.400 and USD 3.350 support levels. As long as the price is above USD 3.350, it is likely to bounce back above USD 3.650 in the near term.
XRP price is down more than 6% and it broke a few important supports near the USD 0.300 and USD 0.292 level. XRP/USD even traded below USD 0.284 and it is currently approaching the USD 0.275 support area. On the upside, the previous support near USD 0.284 is likely to act as a strong resistance.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins climbed more than 5%, including DX, MKR, VET, VSYS, CHZ, SXP and ATOM. Conversely, BCN, DCR, BSV, ILC, KCS and ICX are down more than 5%.

To sum up, bitcoin is gaining bearish momentum along with altcoins. If BTC/USD fails to stay above USD 9,000, there is a risk of a sharp decline. The next key supports on the downside are near USD 8,850 and USD 8,650.
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Bitcoin Price, Altcoins Turn Red 102

Aayush Jindal , 2019-11-08 09:37:00 ,

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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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