Bitcoin Price Analysis: Why Bitcoin Bulls Are Burying Their Heads In The Sun?

Bitcoin lags triangle breakout amid widespread bull hibernation.
The short-term technical picture remains bearish for Bitcoin despite the consolidation above $8,700.

Bitcoin current trend is mundane and annoying for day traders. The consolidation comes after a bearish 24 hours where Bitcoin dived from highs above $9,000 to form a new support above $8,500. Correction to the upside is hampered at $8,800, besides the dominating moment has a bearish bias.
The four-hour chart shows the price way below the moving averages. The 50 MA is holding the ground at $9,048.92 while the 100 MA at $9,167.32. The widening gap between the moving averages signifies a stronger bearish grip likely to last through the incoming sessions on Tuesday.
The Symmetrical Triangle Pattern
Bitcoin price is trading within the confines of the apex of the symmetrical triangle pattern. A couple of scenarios are possible with the formation of such a pattern. First, a triangle resistance break could eventually place Bitcoin in a trajectory towards $10,000. The second scenario which sends jitters down my spine I jot down this analysis is that a triangle support break could sent Bitcoin down the rabbit hole to $7,200.
BTC/USD 4-hour chart
BTC/USD price chart by Tradingview
Following the false breakout over the weekend that led bulls into a bull trap at $9,200, buyers are choosing to stay in hibernation. The low trading activity is likely to last longer until the bulls are confident that a push towards $9,000 will initial the next bullish phase to $10,000.
Meanwhile, the RSI shows that Bitcoin’s recovery will take more than just the right technical levels. Bitcoin needs a catalyst to stir action and increase buyers’ confidence. For now, the best the bulls can do is to hold the price above $8,700 and fight to regain the ground above $9,000.
Bitcoin Technical Levels
Spot rate: $8,728
Relative change: +8.4
Percentage change: 0.1%
Volatility: Low
Trend: Bearish
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Source: CoinGape

XBT/USD Analysis: Bitcoin On Verge Of A Breakout To $10,000 – BitMEX Margin Trading

Bitcoin longs traders look forward to an almost certain falling wedge pattern breakout.
Bitcoin short term trend clouded by a bearish bias; targets $8,000.

Bitcoin perpetual swap contact longs traders on BitMEX margin trading platform have remained bullish despite the recent slump. In addition to that, the price is strongly pressed down upon by broken support areas that transformed into resistances. Besides, the price can be seen to be narrowing down below a higher low pattern towards $8,000.
Following the slump on Friday, Bitcoin’s price action has been lethargic under $9,000. A step above $9,000 failed to garner support hence Bitcoin slumped back into the $8,000 and even broken the weekend support at $8,600. A new November low has been formed at $8,550 and XBT/USD has adjusted to $8,747 (current market value).
XBT/USD daily chart
XBT/USD price chart by Tradingview, BitMEX
Technically, Bitcoin downside is still strongly bearish. For instance, the Relative Strength Index (RSI) is moving lower under the average. It has a target set on 40 but 30 is still within reach. If the RSI continues with the downtrend, it is likely that Bitcoin will disintegrate further towards $8,000 before finding a bottom.
In spite of the gloomy technical picture, the future is still bright for Bitcoin. The anticipated end-year rally is still possible especially with the formation of a falling wedge pattern. In classic technical analysis, this pattern signals a reversal following a continuous downtrend. In this case, I expect Bitcoin to explore the rabbit further towards $8,000 before a breakout is nurtured above $10,000 and heading to $10,000.
Bitcoin Price Technical Levels
RSI: Bearish bias
BitMEX Index Price: $8,750
Volume: $1.9 billion
Open interest: $826 million
Support: $8,400 and $8,000
Resistance: $8,800 and $9,000
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Source: CoinGape

Bitcoin Price Analysis: How Far Is This Falling Channel Taking BTC/USD?

Bitcoin continues with the lower high and lower pattern with the descending channel.
The immediate downside is protected by the 50-day MA addition to $8,400 and $8,000 support zones.

Bitcoin took a breather from the downtrend over the weekend following Friday’s flash drop. Bitcoin failed to sustain gains above $9,200 and embarked on a journey of breaking down support areas. For instance, on breaking below $9,000, the short-term support at 8,050 and $8,800 caved in allowing losses to extend towards $8,600.
Following a shallow recovery over the weekend, the trading was dominated by consolidation movements. BTC/USD at some point stepped above $9,000 but gains were capped under $9,200. The prevailing trend is marred with declines whereby Bitcoin is re-targeting the same lows reached on Friday.
BTC/USD daily chart
BTC/USD price chart by Tradingview, Coinbase
For now, the price is teetering at $8,691 and is between the moving Average support and resistance. On the downside, Bitcoin is supported by the 50-day MA at $8,549.43. On the upside, the largest crypto’s movements are limited by the 100-day MA at $9,459.
The most conspicuous feature is the falling channel. Bitcoin has tested both side of the channel numerous times. However, the price continues to form a lower high and a lower low pattern. The extent that this channel will take Bitcoin is not certain.
From a technical perspective, Bitcoin is likely to pull the downtrend further. The RSI, for example is heading towards 40 and 30 after breaking below 50 (the average). If bulls manage for a recovery, gains to the upside will remain capped under $9,000. If the RSI hits oversold conditions (characterized by a further slump towards $8,000) then Bitcoin buyers can easily forge a reversal movement above $10,000.
Technical Levels
Spot rate: $8,700
Trend: Bearish
Volume: Expanding
Support: 8,400 and $8,000
Resistance: $8,800 and $9,000
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Source: CoinGape

XBT/USD Analysis: Why Is The Return to $8,800 Necessary for Bitcoin Margin Trading On BitMEX?

Bitcoin recovery halted above $9,000 as bears embark on exploring the rabbit hole in the $8,000’s.
A retreat to $8,400 or $8,000 (possible bottom) is necessary for gains towards $10,000.

Bitcoin refreshed the range beneath $9,000 as discussed on Friday last week. At the time I said Bitcoin had run out of options. Correction above $9,600 became a pipe dream which left the bulls demoralized. The only option was to breakdown and regroup the bulls at a lower level in order to stage another recovery assault battle.
Although $8,400 was the target last week, XBT/USD found short-term balance above $8,600. This gave way for recovery as the bulls pushed the price above $9,000. Besides, the price high levels around $9,200 (short term absolute ceiling). This left a window that is currently being explored by the bears.
XBT/USD 1-hour chart
XBT/USD price chart by Tradingview
Bitcoin price is back under $9,000 and refreshing the levels towards $8,800. It is clear that the contract is yet to find a support. The recovery over the weekend was marked with a lot of profit taking. Moreover, shorts traders have their eyes set on $8,400 and $8,000 respectively.
Meanwhile, the 50 MA on the 1-hour is proving short term support. A possible bottom is $8,800 but a drop to $8,400 could create overwhelming demand for Bitcoin. The kind that can catapult Bitcoin to levels above $10,500 reminiscent of the previous surge from $7,300 to highs above $10,500.
The Relative Strength Index is sharply falling towards oversold. However, the signal is just about to pierce through 40. A reversal is possible in the short-term. Therefore, the longs traders need to be on the lookout for a reversal of the RSI.
XBT/USD BitMEX Details
Index price: $8,880.90
24-hour volume: $2 billion
Open interest: $799 million
Funding rate: 0.01% in six hours
Contract value: $1
The post XBT/USD Analysis: Why Is The Return to $8,800 Necessary for Bitcoin Margin Trading On BitMEX? appeared first on Coingape.
Source: CoinGape

Bitcoin Meltdown to $8,500 Is The Only Option to $10,000 – BitMEX Margin Trading

Bitcoin price is still trading above the broken resistance trendline amid frequent decline movements.
XBT/USD shorts traders must take Bitcoin to $8,500 to create fresh demand.

The strategy of ‘buying the dip’ has become the most used among Bitcoin investors. This because BTC has shown the potential to pull upwards after jaw-dropping free fall movements. A recent example is Bitcoin breakdown to $7,300. The move was followed by an unbelievable recovery move to highs almost brushing shoulders with $10,600.
Unfortunately, the strategy increases speculation which makes it hard to sustain an uptrend. For example, Bitcoin adjusted to levels below $9,500. The downside remained protected at 9,000 but movement north has been limited at $9,600.
Meanwhile, Bitcoin is trading at $9,189 after failing to stay above $9,200 (now short-term resistance). The 61.8% Fib level will try to stop the downtrend but I believe Bitcoin has to give in to the current selling pressure in order to find a credible zone to launch an action upwards. This in the way wars were fought in the past. Retreating does not mean defeat, it could be what is needed to launch one more attack to victory.
XBT/USD daily chart
XBT/USD price chart by Tradingview, BitMEX
Therefore, the best buying zone is the 38.2% Fib level, marginally above $8,500. This zone can also extend to $8,400 where fresh demand for XBT/USD will forge a formidable attack towards the coveted $10,000.
The Relative Strength Index shows that the bears will remain in control in the short-term. The wide gap between the 50-day MA and the 100-day MA stresses the influence the sellers have at the time of writing. In other words, the path of least resistance is downwards.
XBT/USD BitMEX data
Index price: $9,183.86
Volume: $1.7 billion
Open interest; $846 million
Funding rate: $0.0229%
Contract value: 1 USD
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Source: CoinGape

Bitcoin Price & Technical Analysis: BTC Returned to Flat

Coinspeaker
Bitcoin Price & Technical Analysis: BTC Returned to Flat
On Thursday, November 7th, the Bitcoin is slightly declining, trading around $9288.50. The leading cryptocurrency has clearly entered a flat, inside which the market will be waiting for some more or less important news and strong catalysts.
Bitcoin Price & Technical Analysis: BTC Returned to Flat

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Source: CoinSpeaker

XBT/USD Analysis: Triangle Breakout Targets $10k But Where Are The Bulls? BitMEX Margin Trading

Bitcoin lags reaction to a triangle breakout; bulls stay in hibernation.
The resistance at $9,600 must get into the rear view for a correction to $10,000.

Bitcoin staged a move towards $10,000 earlier this week but stalled short of $9,600. The shallow correction north followed a perfect breakout from a symmetrical triangle pattern. Following the surge that could not be sustained above $10,500, XBT/USD began a consolidation phase. While the movement towards $10,000 has been greatly thwarted by the presence of sellers, dips below $9,000 have also been limited.
XBT/USD 4-hour chart
XBT/USD price chart by Tradingview, BitMEX
Besides, the triangle breakout, Bitcoin also stepped above the 50 MA on the four-hour chart. Bitcoin is dancing at $9,350 amid improving bullish momentum. The volume indicator also shows expanding levels. Moreover, the Relative Strength Index appears to have broken from the downtrend to nurture a gradual slope northward. Bitcoin displays a good technical picture towards $10,000 but missing in action are the futures contract longs’ traders.
It appears that that lack of action towards the short-term resistance at $9,400 and $9,600 respectively could end up in Bitcoin diving back to $9,000. Meanwhile, in line to offer support is the 50 SMA, the ascending trendline and the short-term support at $9,200. The region between $9,000 and $8,800 has been very instrumental in impacting price reversal. This region can be considered a buy zone in the event Bitcoin reverses below $9,000.
According to the data on the BitMEX margin trading platform, the contract has an index price of $9,343.66. It has posted a 2.1 billion trading in the last 24 hours. At the same time, XBT/USD has an open interest of $798 million and a funding rate of 0.0198% in the last six hours.
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Source: CoinGape

Stellar Price Analysis: XLM/USD Fires Up To Its Stellar Constellation

Stellar cuts its total supply 55 million tokens in a coin burn process.
The bullish flag pattern suggests that a reversal is in the offing towards $0.0850 supply zone.

The Stellar community is the happiest in the cryptocurrency space following an incredible correction that saw the crypto add over 25% in less than 24-hours. The gains followed news that the network was reducing its total supply by about half. In other words, 55 billion XLM tokens have been removed from circulation.
Meanwhile, the price is dancing at $0.0809 after adjusting from the recent high at $0.0896. The ballistic correction took advantage of the support accorded to Stellar by the Moving Averages (Mas) on the one-hour chart. Overwhelming bullish pressure engulfed Stellar on breaking $0.07 resistance (current tentative support). Movement to the recent high at $0.0896 took place in a couple of successive engulfing candle.
XLM/USD 1-hour chart
XLM/USD price chart by Tradingview
Stellar is trading above the bullish flag pattern resistance. This pattern is used in technical analysis to show that a continuation movement is likely. In this case, Stellar has the potential to reverse the downtrend towards the resistance at $0.0850 and the supply zone at $0.090.
The Relative Strength Index (RSI) had hit levels close to 90 during the upsurge. However, the reversal with the bullish flag pattern saw the RSI retreat to 60. A gradual upward sloping movement above this level signifies the improving bullish technical picture. Moreover, the 50 MA is holding ground above the 100 MA. As long as the gap between the two continues to widen the price will remain under the influence of the buyers.
Stellar Key Technical Indicators
Spot rate: $0.08116
Volume: low
Percentage change: 17% in 24-hours
Trend: Bullish
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Source: CoinGape

Bitcoin Price Analysis: Triangle Breakout Pokes The Bulls, Is $9,600 Next?

Triangle breakout fails to stir up action as expected.
Bitcoin remains to be bound in a wide range between $9,600 and $9,000.

Bitcoin appears to be nurturing a bullish momentum towards the end of the European session on Monday. The action follows a mundane trading session over the weekend. The best that Bitcoin did was to defend the key support at $9,000. On the upside, the crypto remained depressed under $9,250.
Meanwhile, the four-hour chart shows Bitcoin trading above a triangle pattern. This particular triangle formed after Bitcoin hit highs above $10,500 and plunged back to $9,000. Also following the short-lived surge; a lower high pattern has been respecting the descending trendline.
BTC/USD 4-hour chart
BTC/USD price chart by Tradingview, Bybit
An attempt to break above the 50 Moving Average (MA) resistance has been met by selling pressure. BTC/USD is currently dancing at$9,262 and appears to be losing traction. In spite of the brief breakout, the largest crypto on the market is still range-bound between $9,600 (upper limit) and $9,000 (support zone).
The Relative Strength Index (RSI) clearly shows that sellers are swinging in action to stop correction above $9,300. I expect, Bitcoin to stay above $9,200 in the short-term. The American session is likely to experience market indecision, especially with the decreasing volumes.
From a short-term perspective, a one-hour chart, Bitcoin will continue to trend lower. In other words, the triangle breakout was either false or a bull trap. However, the low volume suggests that we should not expect rapid movements. Therefore, the support at $9,200 could also hold in the short-term. Other key support zones include $9,000 and $8,800.
BTC/USD 1-hour chart
BTC/USD price chart by Tradingview, Bybit
Key Technical Levels
Spot rate: $9,244
Relative change: +37
Percentage change: 0.44% on the day
Trend: Bullish
Volatility: High
Resistance: $9,300 and $9,600
Support: $9,200 and $9,000
 
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Source: CoinGape

XBT/USD Analysis: Bitcoin Stays above $9,000 As $10,000 Becomes A Pipe Dream – BitMEX Margin Trading

Bitcoin action limited in the confines of a narrow range between $9,000 and $9,250.
Bitcoin must ground start the end-journey to $20,000 or else I will be saying hello to $6,000.

Bitcoin has less than two months to actualize the anticipated end-year rally. From my perspective, return to levels around $20,000 is not only unlikely but also a mirage. However, for Bitcoin anything is possible. For instance, last week Bitcoin zoomed to levels at $10,500 and immediately reversed to levels marginally beneath $9,000.
XBT/USD one-hour chart
XBT/USD price chart by Tradingview, BitMEX
The price action that followed failed to stir action above $9,500. Bitcoin is settling in a tight range between $9,000 and $9,250. Besides, the just concluded weekend session saw Bitcoin and other major cryptos traded with a sour tone.
Meanwhile, XBT/USD is dancing at $9,160 following a subtle 0.6% loss on the day. The upside is capped by 50 Moving Average (MA) on the four-hour chart. Also limiting movement north is the middle channel of Andrews Pitch fork. As long as Bitcoin stays below this channel barrier, key support areas will remain depressed. According to Batrachotoxin, a popular analyst on Tradingview Bitcoin more bullish than bearish. He explores a subtle rising wedge pattern on the four-hour chart:
“BTC is in the consolidation phase after a massive pump 9 days ago. While the 38.2% Fib. holds the plummets, a rising wedge is also established in the 4H timeframe. Base on modern chart pattern statistics, a rising wedge on the bullish market has 78% of a 28% advance and 95% of a 14% decline. As a result, in case of breaking out the pattern, BTC has 58% of reaching $12,100 area and it has 46% of meeting $8,100 area.”
XBT/USD Technical Levels
BitMEX Index Price: 9,148.06
24-hour volume: $1.4 billion
Open interest: $782 million
Funding rate: $0.01%
Trend: Bearish
Resistance $9,400
Support: $9,000
The post XBT/USD Analysis: Bitcoin Stays above $9,000 As $10,000 Becomes A Pipe Dream – BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: Can Bybit Perpetual Futures Beat The Odds to $10,000?

Bitcoin gets ready for the action in the coming weekend session after defending $9,100 support.
Correction towards $10,000 depends on the ability to cross above $9,200 and $9,500 resistance zones.

Bitcoin has in the last couple of days been inclined towards $9,000. A short-lived movement on Thursday tested the short-term support at $8,850. However, price action on Friday has been relatively bullish. BTC/USD was able to jump above $9,200 but adjusted to the current value at $9,157.
The 120’ chart, shows the Bitcoin contract dancing between the Moving Average (MA) support and resistance. The immediate upside is barricaded by the 50 MA while the 100 MA continues to offer support at $8,850.
BTC/USD two-hour chart
BTC/USD price chart by Tradingview, Bybit
Looking at the pointer before the weekend session, we can tell that, Bitcoin is likely to end the day trading in the green. The most probably move is to have the price between $9,200 and $9,500. The weekend session is known to have a love affair with Bitcoin. Therefore, with the growing trading volume and the right technical picture, traders should consider longing on Bitcoin futures as opposed to shorting it.
The Relative Strength Index (RSI), for instance, is moving towards the overbought (70 and above) after returning above 50. In addition, that, the narrowing gap between the 50 MA and the 100 MA signifies a growing bullish momentum.
Another bullish indicator is the formation of a falling triangle pattern. The pattern has been tested more than once, which means if broken, a remarkable correction could emanate from it towards $10,000.
In the event, declines swing in, $8,850 – $8,800 is a viable initial support zone. The continued lower correction will find support at $8,400 as well as $7,300.
Trade Bitcoin on Bybit ->
Bitcoin Key Technical Levels (Bybit)
Last traded price: $9,184
Mark price: $9,177.76
Index price: $9,179.03
24-hour volume: $919 million
Open Interest: $132 million
Funding rate: 0.0208%
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Source: CoinGape

XBT/USD Analysis: Bitcoin Hunting For A Buy Zone, Is It Time To Long For BitMEX Margin Trading?

Bitcoin settles in a consolidation range between $9,000 and $9,000 before the next breakout.
Investors get ready to buy Bitcoin at $8,800 while $8,400 is still in sight.

Bitcoin is pushing the current consolidation a notch higher above $9,100. $9,200 is the coming out as a key consolidation limit while $9,000 is the support limit. The diminishing volume means that buyers cannot ignite rapid movement north. Instead, this leaves Bitcoin with one viable move, to correct towards $8,800 (a possible buy zone) where more buy entries will be entered to give Bitcoin a boost towards $10,000. The same zone happens to be marked by the 50% Fib retracement level taken between the last swing high of $10,578 tom a swing low of $7,327.
XBT/USD 2-hour chart
XBT/USD price chart by Tradingview
In addition to that, the falling triangle pattern I explored yesterday is still in play. If Bitcoin manages to clear this resistance, we can expect an impressive rise above the resistance at $9,500, $9,700 respectively.
On the downside, if $8,800 support area gives in to selling pressure, the 100 Moving Average (MA) on the two-hour chart will try to stop the losses. The next support is observed at $8,400 while the recent support at $7,300 remains as the major support area.
Technically, Bitcoin has a short-term bullish bias. The Relative Strength Index (RSI) has reversed the trend towards the overbought after sliding to levels at 42. The return of the RSI above 70 would mark a growing bullish momentum and a subsequent increase in the price value.
According to the data on BitMEX, Bitcoin price index stands at $9,100.82. The product features a 24-hour trading volume of $2.9 billion which is significantly lower compared to volume on Thursday. BitMEX Bitcoin futures contract also has an open interest of $750 million.
Key Technical Levels
Index price: $9,100.82
Relative change: -60
Percentage change: -0.66%
Volume: Low
The post XBT/USD Analysis: Bitcoin Hunting For A Buy Zone, Is It Time To Long For BitMEX Margin Trading? appeared first on Coingape.
Source: CoinGape

XBT/USD Analysis: Consolidation Steps But What Is The Long-term View Bitcoin? BitMEX Margin Trading

Bitcoin futures contract trading restricted in a range between $9,000 and $9,500.
The support at $9,000 must be defended at all costs to avoid plunging towards $8,000.

Bitcoin recently surged from lows under $7,500 to highs above $10,500. The majestic move has been regarded as a false breakout following an immediate correction to $9,000. On the brighter side, Bitcoin has been strong enough to defend the support at $9,000.
The incredible move broke out a falling triangle pattern but the break happened after Bitcoin sailed above the resistance at $8,000 and $8,800 respectively. The trading in the last few days has been lethargic within a new consolidation phase. Bitcoin price is capped to the upside at $9,000 while the downside is strongly protected at $9,000.
XBT/USD daily chart
XBT/USD price chart by Tradingview
As discussed before, Bitcoin bulls must hold above $9,000 for their dear lives. A slide into the $8,000 could easily result in a plunge towards $7,000. Besides, Bitcoin is not really out of the danger of testing $6,4000 before 2019 ends.
At the time of writing, XBT/USD is trading at $9,096 and is between the Moving Averages (SMAs)’ support and resistance. The 50-day MA is in line to provide the much-needed support at $8,802 in the event declines extended beneath $9,000. The resistance at the 100-day MA at $9,618 is pressing down the price. Bitcoin needs to break above his zone in order to clear the resistance at $10,000.
From a technical perspective, the dominating bearish momentum is likely to last longer. For instance, the Relative Strength Index (RSI) is retreating towards the average. The indicator’s trend clearly shows that the seller’s grip is getting tighter.
XBT/USD Key Technical Levels
BitMEX price index: $9,099.09
24-hour volume: $2.5 billion
Open Interest: $763 million
Resistance: $9,500
Support: $9,000 and $8,800
The post XBT/USD Analysis: Consolidation Steps But What Is The Long-term View Bitcoin? BitMEX Margin Trading appeared first on Coingape.
Source: CoinGape

Bitcoin Price Analysis: $9,000 Not Enough Support For A Rally But What About $8,800?

Investors are finally coming into terms with Bitcoin’s false breakout above $10,500.
Bitcoin seeks a bottom; possibly $8,800 to trigger the next rally towards $10,000.

Bitcoin price has engaged the reverse gear as the maximum throttle hit a snag at $9,500. The tentative support at $9,200 has failed to offer the expected support. Meanwhile the price treading fast towards $9,000.
The short-term one-hour chart openly displays a building bearish trend that is likely to break the key $9,000 support. With the Relative Strength Index (RSI) almost at the oversold, it is becoming apparent that $9,000 is not a strong enough support to push for a reversal really to $10,000. However, if Bitcoin tests the next support target at $8,800 (a previous resistance level) the extremely oversold conditions are likely to result a significant recovery.
BTC/USD 1-hour chart
BTC/USD price chart by Tradingview
Meanwhile, Bitcoin is trading within a falling triangle that is likely to be broken before the American session ends. The bottom at $8,800 will not happen today, but there is a chance he week will not end before it is tested. Amid the building momentum, so is the trading volume.
Bitcoin must reclaim its position above $9,200 to be able pave the way for re-emergence above $9,500. Further correction above the Moving Averages (MAs) could boost Bitcoin towards $9,600 short-term supply. The bulls must be careful not to lose focus of the main target at $10,000.
Bitcoin Key Technical Levels
Spot rate:
Percentage change:
Relative change:
Trend:
Volatility:
Support/short-term bottom: $8,800
Resistance: $9,200 and $9,600
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Source: CoinGape

Bitcoin Price Analysis: Is $8,000 Completely Out Of The Picture?

Bitcoin price volatility goes down amid expanding bearish volume.
The inability to return above $10,000 is shifting the focus back to the $8,000’s.

Bitcoin price has been on a rollercoaster ride in the past three days. The analysts who predicted October to be a good month had their wishes fulfilled with BTC’s ballistic rise above $10,500. A monthly high was formed around $10,542 (on Coinbase) before a sharp reversal movement tested the region at $9,000. While recovery towards $10,000 was also immediate, the price has adjusted to the levels around $10,300.
Looking at the daily chart for BTC/USD the falling wedge pattern I have explored severally finally culminated in an expected breakout. However, the lethargic movement around $10,400 makes one wonder if Bitcoin is finally in a rally. If the rally is justified Bitcoin bulls need to pull above the support at $10,200 and stay focused on $11,000.
BTC/USD daily chart
BTC/USD price chart by Tradingview
On the contrary, the prevailing trend suggests that a reversal under $9,000 is not entirely out of the picture. For instance, the Relative Strength Index (RSI) which was on an upward roll, is now at the beginning of a retreat. A continued downward slope could encourage more selling entries and lead to price falls.
On the brighter side, the bulls can ignore the retreat and push towards $10,000. The RSI is likely to enter the overbought region (RSI). This is because Bitcoin is not yet overbought and could trend higher if technical levels can remain positive.
The upside is immediately limited by the 100-day Moving Average (MA). The 50-day MA is offering support at $8,873.22. Other key support areas to consider are $8,000 and $7,400.
Bitcoin Technical Levels
Spot rate: $9,397
Relative change: -152
Percentage change: -1.59%
Trend: Bullish (short-term)
Resistance $10,000
Support $9,000, $8,000 and $7,400
RSI: Retreating as a sign of building bearish pressure.
 
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Source: CoinGape