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Nov 13, 2019 at 14:01 // News

The Bitcoin price (BTC) consolidates at $8,750 level in readiness for the next price move. As Coinidol.com reported before, the BTC will continue its downward move if the $8,750 price level is breached.

Bitcoin Price Long-Term Prediction: Ranging 


Bitcoin has continued to drop after a price rally in October. The market has fallen from $9,500 to $8,750 at the time of writing. There is the tendency of price continual fall. One of the reasons is that the price is now in the bearish trend zone. Besides, we can say that the bears have broken the $9,000 critical support level. 


The selling pressure may continue as the downward move may not face any resistance until the coin finds support at $8,000. Today, BTC is consolidating above $8,750 support level which was the previous resistance in May. Bitcoin will fall to a low at $8, 000 if the bears break the current support level. Meanwhile, if the price bounces at this level, BTC will rise to retest the $10,000 price level.


Bitcoin Price, November 13, 2019


Bitcoin Indicator Reading 


We are expecting that if the price bounces after consolidation, the coin may break the downtrend line. This will propel BTC to resume its bullish move to the previous highs. Likewise, the coin will fall if the bears break the support line. Meanwhile, the price is below the EMAs which suggest that Bitcoin will continue its downward move.


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


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


What Is the Next Direction for BTC/USD?


Bitcoin is trading in the oversold region below 20% of the daily Stochastic. This implies that Bitcoin is in a bearish momentum. From the price action, the price is in the bearish trend zone which implies that the coin is in a downward move. Bitcoin is having more sellers than buyers at the upper price level which is responsible for price fall.


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.

coinidol.com By Coin Idol , 2019-11-13 14:01:00 ,

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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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