Bitcoin Analysis for 2019-11-08 [Premium]

Bitcoin Analysis for 2019-11-08 [Premium]
фото показано с : beincrypto.com

2019-11-8 13:24

The Bitcoin price is trading inside a horizontal channel with resistance and support at $9,800 and $9,000 respectively. If the current price decrease holds, it will have major bearish implications based on the daily time-frame and the channel breakdown. BeInCrypto’s current market outlook is neutral, slightly leaning on bearish.

Bitcoin Price Highlights Bitcoin broke down from an ascending triangle. It is trading inside a horizontal channel. Bitcoin has fallen below its 200-day moving average. It is in the process of breaking down from the channel. Previous Movement

Bitcoin broke down from the ascending triangle it had been trading in since Oct 31. Following this, it validated the previous support line.

Currently, it has created a double bottom characterized by long lower wicks at $9,050, both signs of buying pressure.

Daily Chart

Looking at the daily chart, we can see that BTC has finally decreased below its 200-day moving average (MA).

However, the price has yet to close below it, and there are more than 12 hours until the candle’s close.

Since the price is currently in a major support area, we could definitely see the creation of another lower wick if the price gains strength and initiates an upward move.

On the other hand, the bearish scenario would have us decreasing all the way to the previous resistance line at $8,700 in order to validate it, before beginning an upward move.

Horizontal Channel

Looking at the horizontal channel, we can see that the price has breached the support with a wick and is in the process of breaking down.

However, it still has not done so, barely holding on to the support line.

As for future movement, Bitcoin could see a fake breakdown taking place followed by an upward movement towards the resistance line.

This would fall in line with the hypothesis laid out in the daily time-frame in which the price validates the resistance line before moving upward. In this case, it would make a low around $8,700-$8,800.

Good luck and happy trading! For yesterday’s analysis click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of TradingView.

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

The post Bitcoin Analysis for 2019-11-08 [Premium] appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69363.7 (-0.22%)
Объем 24H $46.01b
Изменеия 24h: 2.34 %, 7d: -4.63 %
Cегодня L: $69039.59 - H: $69761.69
Капитализация $1371.891b Rank 1
Цена в час новости $ 8718.71 (695.57%)

bitcoin price channel premium beincrypto analysis bearish

bitcoin price → Результатов: 126


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30