Price Analysis: BTC Slow- Steady End Week Decline, Bearish Momentum Below $8,700

Richard M Adrian by Richard M Adrian - 10:29 AM Nov 15, 2019
price-analysis-btc-slow-steady-end-week-decline-bearish-momentum-below-8700

The past few bitcoin sessions along the week have faced a steady decline below the  $8,800 price level. Bitcoin broke underneath the $8,750 and $8,700 price levels further into the bearish zone. Furthermore, pointing out a break below  the support area $8,600 and; the price settling well beneath the 100 hourly simple moving average. 

Eventually, the price broke both support levels $8,550 and $8,500. Subsequently, a fresh monthly low has been forming around $8,457 with loss consolidations around the support. In fact, the coin is also trading around the 23.6% Fib retracement level of the recent decline to a $8,457 low from a $8,785 high.

 

BTC 50% Fib Retracement Level Coinciding


Moreover, an immediate resistance is forming on the upside around the $8,580 and $8,600 price levels. Noteworthy, is the major bitcoin resistance around $8,620 level.Which additionally coincides with the 50% Fibonnaci retracement level of the recent $8,785 high to $8,457 low decline.

On the daily trade pattern, Bitcoin has been trading sideways and seems to be on the move for a correction.Meanwhile, it seems the world’s leading cryptocurrency is bouncing from its current daily low of $8,200 to a current trading price of around $8,552. Representing a gain of up to  0.67%. 

Significantly, a key declining channel has formed near $8,710 on the BTC/USD Pair hourly Chart.  Pushing the coin’s performance into a positive price zone, a price break is necessary at the resistance levels, $8,700 and $8,800.  

Nonetheless, a major resistance is forming near $8,880. Beyond which level the price is likely to accelerate higher towards the $9,000 and $9,200 levels. However, closely looking at the downside,  we observed an initial support forming near the $8,450 level.

 

Bitcoin’s  Support Breaking Point


In case another breaks form below the $8,450 level, the price could trend down towards or below $8,400. Well, Bitcoin is likely to hit its next support below its current one. All the way around $8,300 and $8,200 levels. At which price point the bulls are likely to emerge. 

 

About The Author
Richard M Adrian

Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.

Comments

Share On Social Media!

Enter Shared Link

Enter Shared Link

Enter Shared Link

Enter Shared Link

Enter Shared Link