TA: Bitcoin Correction To $13k On Horizon As Bulls Lose Control at $13.7k

2020-11-3 06:48

Bitcoin price struggled to settle above the $13,700 resistance and declined below $13,500 against the US Dollar. BTC is likely to retest $13,000 before it could rise again.

Bitcoin started a fresh decline after it faced a strong selling interest near $13,700. The price is trading below the $13,600 support and the 100 hourly simple moving average. There was a break below a crucial contracting triangle with support near $13,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is showing bearish signs and it seems like the bears are aiming a test of $13,000. Bitcoin Price is Facing Hurdles

After a failed attempt to clear the $13,800 barrier, bitcoin price declined below the $13,700 support level. The decline was such that BTC settled below the $13,600 level and the 100 hourly simple moving average.

There was also a break below a crucial contracting triangle with support near $13,600 on the hourly chart of the BTC/USD pair. The pair traded as low as $13,299 before correcting higher. However, the previous support near the $13,700 level and the 100 hourly simple moving average acted as solid hurdles.

Source: BTCUSD on TradingView.com

A high is formed near $13,711 and the price is now trading below the 50% Fib retracement level of the recent rise from the $13,299 swing low to $13,711 high.

Bitcoin price is now testing the $13,400 zone and the 76.4% Fib retracement level of the recent rise from the $13,299 swing low to $13,711 high. If there is a downside break below $13,400 and $13,320, there is a risk of more losses.

The next major support is near the $13,200 level, below which the bears are likely to aim a retest of the $13,000 support zone in the coming sessions.

Fresh Increase in BTC?

If bitcoin stays above the $13,320 and $13,200 support levels, it could start a fresh increase. An initial resistance on the upside is near the $13,600 level.

The first major hurdle for the bulls is near the $13,700 level and the 100 hourly simple moving average. A clear break above $13,700 and $13,800 is must for a strong push above $14,000.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $13,320, followed by $13,200.

Major Resistance Levels – $13,600, $13,700 and $13,800.

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bitcoin 700 retest dollar btc likely could

Источник: newsbtc.com

bitcoin 700 → Результатов: 126


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Earlier today, on Oct. 15, the price of Bitcoin surged from $6,150 to $6,700 on most major fiat-to-cryptocurrency exchanges including Coinbase, Bitstamp, and Kraken. Although the price of the dominant cryptocurrency surpassed the $7,500 mark on Bitfinex, the increase in the value of Bitcoin on Tether-enabled exchanges such as Bitfinex and OKEx were triggered by […] The post Bitcoin Breaks Downtrend by Surging 10% to $6,700, is the Tether Sell-off a Factor? appeared first on CryptoSlate.

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