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Nov 21, 2019 at 07:04 // News

The price at $8,400 was breached, this led Bitcoin to fall.

Three days ago, the price at $8,400 was breached, this led Bitcoin to fall.  Further depreciation awaits Bitcoin if the price falls below $7,900.

Bitcoin Price Long-Term Prediction: Bearish 


The bears have continued to prove their superiority over the bulls as the price at $8,400 was breached three days ago. This level has given passage to the bears to overrun the bulls and arrive at the next support. Nevertheless, the coin may face resistance as the price falls to another low. 


There are indications that the $7,900 support level may be in serious contention by the market forces. If sellers sustain the selling pressure and price breaks below $7,900 support, Bitcoin is likely to drop to the next support. Conversely, if the price falls and bounces above $7,900, Bitcoin will rally and break the downtrend line.


Bitcoin Indicator Reading 


The RSI period 14 level 36 indicates that Bitcoin is approaching the oversold region. Nevertheless, if the RSI reading falls beneath level 30, the price is said to reach the oversold region and buyers may come in to take control of price. The coin is now in a bearish crossover as the EMAs point southward.


Bitcoin Price Chart


What Is the Next Direction for BTC/USD?


The market is seeing a steady fall as sellers continue to short their positions. The continual fall of Bitcoin will be ascertained after the market reaches a low of $7,900. The price is expected to fall to a low of $7,900 in a matter of days. Meanwhile, a breakdown below $7,900 will bring further depreciation and a lack of confidence in the coin.


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.

coinidol.com By Coin Idol , 2019-11-21 07:04:00 ,

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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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