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Bitcoin Price Drops Below USD 9,000 Again; Altcoins Follow 101
Source: iStock/hocus-focus

Though Bitcoin (BTC) started this Friday with a smaller drop in its price, in a sudden move in the afternoon hours (UTC time), bitcoin price dropped by 2.4% in less than two hours – which was enough to push it below USD 9,000. Additionally, altcoins turned red.

While BTC was trading sideways for the majority of the time in the last 24 hours, it started its descent in the early hours on November 8th. At the time of writing (15:00 UTC), bitcoin trades at c. USD 8,820. It is down by 5.03% in the past 24 hours and by 4.14% in the past week. It seems to be continuing the drop.

Bitcoin price chart:

Bitcoin Price Drops Below USD 9,000 Again; Altcoins Follow 102

Other coins from the top 10 list by market capitalization crashed between 2% and 8% in the last 24 hours and between 0.5% and 2.5% in the past hour. Also, majority of the coins in the top 100 by market capitalization are now showing red in the last 24 hours.

Furthermore, the total market capitalization dropped by 4.38%, to USD 240 billion.

As reported, Bitcoin was among the three worst performers earlier in the day, with Ripple (XRP) in the lead at the time.

Bitcoin price jumped above USD 9,000 and even USD 10,000 during an historic rally in the end of October. Some analyst claimed that the rally was also fueled by positive news from China, among other things. Meanwhile, after China’s National Development and Reform Commission (NDRC) reportedly removed Bitcoin mining from the list of industries that might be eliminated, and Hong Kong’s Securities and Futures Commission (SFC) published a framework for crypto exchanges, these positive news have failed to push bitcoin price higher.





Sead Fadilpašić , 2019-11-08 15:39:00 ,

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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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