Bitcoin Weekly Price Analysis: November 3 - 10

Bitcoin has consolidated a price range within the $9000 support and against the United States Dollar. Meanwhile, the <a href="https://www.cryptoknowmics.com/crypto/why-traders-are-worried-bitcoin-could-fall-below-10-000/">bulls are failin</a>g to protect losses; which has resulted in a downside break a little further below the key support. Moreover, you will notice a 50% Fib retracement level of the upward move in the range of $7,317 low to $10,578 high.

A significant break below the major contracting triangle found support around $9,180 on the 4-hours chart of the trading pair BTC/USD.  This led to further declines before bitcoin settled below the $8,800. However, opening up the leading coin for more strong losses below the $8,920 support and the 1oo simple moving average.

<img class="wp-image-149834 size-full aligncenter" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/11/Screenshot-2019-11-10-at-12.23.35.png" alt="" width="948" height="698" />
Source: <a href="https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD">Tradingview</a>
Presently, Bitcoin prices are consolidating below $9,000 and $8,900 levels. An immediate support is forming near $8,600 and $8,560. In addition, the 6.18% Fib retracement level of the upward move from $7,317 low to $10,578 high is closing to the $8,560 level. In case  there are more downsides, the price could slide to the support levels $of 8,330 and $8,300.  Note that the $8,300 point is an important level because it acted as a major resistance area earlier on; and could therefore provide a good support.

More importantly, if they would be further losses it could push prices towards the $8,080 support. The mentioned supports represent a 76.4% Fib retracement level of the upward move from a low of $7,317 to a high of $10,578. On the other side, the recent support area around  the $9,000 point is potentially a resistance area.

Alongside the 100 simple moving average on the 4-hours chart forming a major price hurdle around $9,100. Note thereof, that a successful close beyond $9,100 is important for further price and volume gains in the near future.

On the upside, the recent support area near the $9,000 level could act as a resistance. Besides, the 100 simple moving average (4-hours) is a major hurdle near the $9,100 level. Therefore, a successful close above $9,100 is needed for more gains in the near future.

Bitcoin Weekly Price Analysis: November 3 - 10

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Bitcoin Weekly Price Analysis: November 3 - 10

Top Picks