Bitcoin Price & Technical Analysis: BTC Decline Won’t Stop

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Bitcoin Price & Technical Analysis: BTC Decline Won’t Stop
On Thursday, November 21st, the leading cryptocurrency keeps declining, trading at $7934.00.
Bitcoin Price & Technical Analysis: BTC Decline Won’t Stop

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Source: CoinSpeaker

Bitcoin (BTC) Now Finding a Middle Ground, $3K Was an Overreaction to the Downside – Crypto Analyst

People talking about Bitcoin (BTC) free falling to $3,000 are more unreasonable than those who are bullish, expecting prices to soar back to $20,000. This is the debatable opinion of a leading crypto analyst, CryptoDonalt, who explains that at spot rate, BTC is at a level ground.
Overreactions to Downside and Upside
CryptoDonalt says that the super bull run of 2017-when BTC prices erupted from $200 to $20,000, will take some time to “digest”, and market participants were merely overreacting in both instances when prices tumbled to $3,200 in late 2018 and rallied to $14,000 in mid-2019.

People talking about $3000 right now are being more unreasonable than people talking about new highs.A run from $200 -> $20k is going to take some time to digest.$3k was an overreaction to the downside.$14k was an overreaction to the upside.We're now finding middle ground.
— DonAlt (@CryptoDonAlt) November 21, 2019

To $20,000 or $3,000
Whether BTC will rally or not is a source of discourse. Permabulls and no-coiners are locked in a never-ending argument when opposing camps lay down reasons as to why they are confident of their stance.
However, one thing is clear. Bitcoin will be a go-to digital asset even if the number of organic searches in countries like China, where crypto trading is barred but nonetheless strategic, is dropping, insinuating a fall in interest on a valuable digital asset stocked by Chinese merchants.
A shake out for weak Miners
As it is, BTC is at a crossroads. While there is optimism that it will stabilize, bottom up and edger higher ahead of halving, it will also be marked by the US elections, expected to be hot and highly competitive. So far, its performance has been dismal characterized by low trading volumes.
Bitcoin (BTC) Performance
Week-to-date, the coin is down 10% against the resurgent greenback forcing it below the main support line at $8,000. As traders search for direction and double guess maturing regulators’ position, weak miners are already feeling the brunt of low prices, with some reported to have capitulated as mining simply becomes unprofitable.
BTC Could Slide Back to $4,500 Before Rallying
Discussing Bitcoin’s outlook, Willy Woo, an on-chain analyst, and Tone Vays, a trader, projected that BTC could tumble to as low as $4,500, a 71% fall from this year’s high before prices bottom up as the market prepares for May 2020 halving.

Already Tone Vays is advising his followers in Telegram cautions saying:
“I’m totally back in cash now. There doesn’t seem to be obvious sign of reversal. Going to sit on the sidelines until there is more indication.”
Woo’s and Vays’ assessments could prove to be the antithesis of CryptoDonalt’s position more so if the latter’s analysis came to pass.
The post Bitcoin (BTC) Now Finding a Middle Ground, $3K Was an Overreaction to the Downside – Crypto Analyst appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) Price Diving, Gates To $7,400 Now Wide Open

Bitcoin price is diving and it recently broke the $8,000 support area against the US Dollar.
The price is under a lot of pressure and recently traded to a new monthly low at $7,828.
Morning’s bearish flag pattern was breached with support near $8,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The next key target for the bears could be $7,400 (as discussed in the recent medium term outlook).

Bitcoin price is gaining bearish momentum below $8,000 against the US Dollar. More importantly, there is now very less chances of BTC recovering above $8,250 before testing $7,400.
Bitcoin Price Analysis
In morning, we discussed the chances of a breakdown in bitcoin below the $8,000 support area against the US Dollar. BTC made an attempt correct above the $8,150 resistance, but it failed to gain traction and remained well below the 100 hourly simple moving average.
As a result, there was another bearish break below the $8,050 support. Moreover, morning’s bearish flag pattern was breached with support near $8,080 on the hourly chart of the BTC/USD pair.
Finally, the price declined below the $8,000 support and the last swing low. A new monthly low was formed near $7,828 and the price is currently correcting higher.
An immediate resistance for bitcoin is near the $7,920 level. It represents the 23.6% Fib retracement level of the recent decline from the $8,221 high to $7,828 low. The first key resistance on the upside is near the $8,000 level (the recent breakdown support).
Additionally, the 50% Fib retracement level of the recent decline from the $8,221 high to $7,828 low is near the $8,020 level to prevent gains. Lastly, there is a new connecting bearish trend line forming with resistance near $8,020 on the same chart.
Therefore, the price is likely to face a strong resistance if it corrects higher towards $8,000 and $8,020. A convincing break above the $8,020 resistance may perhaps lift the price towards the $8,200 resistance.
On the downside, it seems like the gates for a test of the $7,400 support is now open (the next bearish target as discussed in the recent medium term outlook).

Bitcoin PriceLooking at the chart, bitcoin price is clearly gaining bearish momentum below the $8,000 support area. There are high chances of additional losses towards the $7,400 support unless the price rallies above $8,020 and $8,200 in the near term.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering from the oversold levels.
Major Support Levels – $7,640 followed by $7,400.
Major Resistance Levels – $8,000, $8,020 and $8,200.
The post Bitcoin (BTC) Price Diving, Gates To $7,400 Now Wide Open appeared first on NewsBTC.
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Bitcoin (BTC) Price Hesitates But Further Downsides Seem Likely

Bitcoin price is consolidating losses above the $8,000 support area against the US Dollar.
The price is likely to struggle near the $8,150 and $8,220 resistance levels.
There is a key rising channel or a bearish flag pattern forming with support near $8,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
An upside correction towards the $8,220 and $8,280 levels could face a solid selling interest.

Bitcoin price is consolidating losses with corrective moves against the US Dollar. However, BTC remains sell on rallies if it climbs towards $8,220 and $8,280.
Bitcoin Price Analysis
After a nasty decline, bitcoin found support near the $8,000 level against the US Dollar. BTC traded as low as $7,990 and it is currently consolidating losses well below the 100 hourly simple moving average.
There was a corrective wave above the $8,080 and $8,100 levels. Moreover, the price spiked above the $8,150 resistance level. Though, the price struggled to stay above the 23.6% Fib retracement level of the downward move from the $8,630 high to $7,990 low.
At the outset, the price is trading near $8,100, with an immediate resistance near the $8,150 level. Additionally, the next key resistance is near the $8,200 and $8,220 levels, above which bitcoin could test the $8,300 resistance area.
An intermediate resistance is near the $8,280 level and the 100 hourly simple moving average. To move into a positive zone, the price must settle above the $8,300 resistance and the 100 hourly SMA.
Besides, the 50% Fib retracement level of the downward move from the $8,630 high to $7,990 low is also near the $8,310 level to act as a resistance.
Conversely, the price could struggle to climb above the $8,150 and $8,220 resistance levels. On the downside, an initial support is near the $8,060 level. More importantly, there is a key rising channel or a bearish flag pattern forming with support near $8,060 on the hourly chart of the BTC/USD pair.
Therefore, a downside break below the channel support near $8,060 will most likely push the price further lower. Finally, a bearish break below the $8,000 support area could open the doors for a drop towards the $7,400 support area (the next bearish target as discussed in the recent medium term outlook).
Bitcoin Price
Looking at the chart, bitcoin price is likely forming anther breakdown pattern with support near $8,060 and $8,000. On the other hand, the bulls need to gain momentum above $8,220 and $8,300 to negate the current bearish view.
Technical indicators:
Hourly MACD – The MACD is struggling to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat below the 50 level.
Major Support Levels – $8,060 followed by $8,000.
Major Resistance Levels – $8,150, $8,220 and $8,300.
The post Bitcoin (BTC) Price Hesitates But Further Downsides Seem Likely appeared first on NewsBTC.
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Crypto Market Could Dive To $200B, Bitcoin Turns Red: BCH, XLM, EOS, TRX Analysis

The total crypto market cap is currently in a bearish zone below the $220.0B resistance.
Bitcoin price is trading above the $8,000 support and remains at a risk of more losses.
BCH price is now consolidating losses below the $250 resistance area.
EOS price is declining and approaching the $3.050 and $3.000 support levels.
Stellar (XLM) price is down more than 2% and it is now below the $0.0650 support.
Tron (TRX) price is down close to 4% and it is trading near the $0.0165 support.

Bitcoin (BTC) and the crypto market cap are currently in a heavy downtrend. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are under a lot of selling pressure.
Bitcoin Cash Price Analysis
Recently, BCH price declined heavily below the $265 support area against the US Dollar. The price even broke the $250 support area and traded close to $235. It is currently consolidating losses above $240 and facing a strong resistance near the $250 and $255 levels.
The main resistance is now near the $265 level. On the downside, an initial support is near the $235 level, below which the price could test the $225 level.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined sharply in the past few days and broke many key supports near $3.500 and $3.350. The price is now trading in a bearish zone and it is approaching the $3.050 and $3.000 support levels. A downside break below $3.000 might push the price towards $2.850.
Stellar price trimmed most its gains from well above the $0.0700 level and it is now declining below $0.0168. XLM price even broke the $0.0650 support and it seems like it is likely to test the $0.0620 support area. On the upside, the $0.0665 may perhaps act as a resistance.
Tron price faced an increase in selling pressure after it broke the 0.0185 support area. TRX price is down around 4% and it is trading near the $0.0165 support area. If there are more losses, the price is likely to continue lower towards the $0.0152 support area.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there are many bearish signs visible below the $220.0B and $230.0B resistance levels. On the downside, the main support is near the $210.0B level, below which there is a risk of a drop towards the $200.0B support area. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term unless the crypto market cap climbs back above $230.0B.
The post Crypto Market Could Dive To $200B, Bitcoin Turns Red: BCH, XLM, EOS, TRX Analysis appeared first on NewsBTC.
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Crypto Price Analysis November 20: BTC, ETH, EOS, LTC, BCH

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Crypto Price Analysis November 20: BTC, ETH, EOS, LTC, BCH
The crypto market keeps declining.
Crypto Price Analysis November 20: BTC, ETH, EOS, LTC, BCH

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Source: CoinSpeaker

Bitcoin Plunges Eliminating Some Miners Before Halving, Could It Be Bullish in the Long Term?

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Bitcoin Plunges Eliminating Some Miners Before Halving, Could It Be Bullish in the Long Term?
The recent Bitcoin price plunge could start to put weak miners out of business heading into the halving which does not go well with HODLers since capitulating miners usher in a major bitcoin dump.
Bitcoin Plunges Eliminating Some Miners Before Halving, Could It Be Bullish in the Long Term?

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Source: CoinSpeaker

Roger Ver Set to Rival Bitcoin and Ethereum with His $200 Million Fund for Bitcoin Cash

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Roger Ver Set to Rival Bitcoin and Ethereum with His $200 Million Fund for Bitcoin Cash
Establishing a new $200 million fund, Roger Ver hopes to push Bitcoin Cash into the forefront of smart contract development sidestepping Bitcoin and Ethereum in the process.
Roger Ver Set to Rival Bitcoin and Ethereum with His $200 Million Fund for Bitcoin Cash

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Source: CoinSpeaker

Galaxy Digital Partners With Bakkt and Fidelity in Creating “Elderly” Bitcoin Funds

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Galaxy Digital Partners With Bakkt and Fidelity in Creating “Elderly” Bitcoin Funds
Michael Novogratz’s crypto merchant bank Galaxy Digital is launching two Bitcoin (BTC) funds, targeting people between the ages of 50 and 80. The new funds aim to bring “the wealth of America.”
Galaxy Digital Partners With Bakkt and Fidelity in Creating “Elderly” Bitcoin Funds

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Source: CoinSpeaker

Bitcoin (BTC) Price Primed For Breakdown Below $8K

Bitcoin price is extending its decline below the $8,250 resistance area against the US Dollar.
The price is likely to decline below the $8,000 and $7,800 support levels in the near term.
There is a major bearish trend line forming with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
There are many bearish signs on the chart, suggesting a drop below $8,000.

Bitcoin price is facing an uphill task near $8,200 and $8,400 against the US Dollar. Therefore, BTC is likely to decline further below the $8,000 support area.
Bitcoin Price Analysis
This week, there were further losses in bitcoin below the $8,200 support area against the US Dollar. BTC extended its decline below the 100 hourly simple moving average and even tested the $8,000 support area.
A new monthly low was formed near $7,987 and the price is currently correcting higher. It traded above the $8,100 level and tested the $8,150 resistance area.
Furthermore, the price tested the 23.6% Fib retracement level of the recent decline from the $8,631 high to $7,987 low. However, the price seems to be facing a strong resistance near the $8,150 and $8,200 levels.
More importantly, there is a major bearish trend line forming with resistance near $8,150 on the hourly chart of the BTC/USD pair. If there is an upside break above the $8,200 resistance, bitcoin price could recover towards the $8,300 level.
The 50% Fib retracement level of the recent decline from the $8,631 high to $7,987 low is near the $8,300 area to act as a resistance. The next major resistance is now near the $8,400 level (the previous breakdown support).
It also coincides with the 61.8% Fib retracement level of the recent decline from the $8,631 high to $7,987 low. An intermediate resistance is near $8,360 and the 100 hourly simple moving average.
On the downside, an initial support is near the $8,000 area. If there is a daily close below $8,000, the price could even break the $7,800 support. Besides, the next key support is near the $7,400 level (as discussed in yesterday’s medium term outlook using the daily chart).
Bitcoin Price
Looking at the chart, bitcoin price is facing resistance near the $8,150 and $8,200 levels. Thus, there is a risk of more downsides below $8,000. To start a decent recovery, the price must settle above $8,200 and then gain momentum above the $8,300 resistance.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 30 level.
Major Support Levels – $8,000 followed by $7,800.
Major Resistance Levels – $8,150, $8,200 and $8,300.
The post Bitcoin (BTC) Price Primed For Breakdown Below $8K appeared first on NewsBTC.
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Bitcoin And Crypto Market Remain at Risk: BCH, Litecoin, EOS, XLM Analysis

The total crypto market cap remains at a risk of a drop towards the $200.0B support.
Bitcoin price is currently correcting higher, but there are many resistances near $8,250.
Litecoin (LTC) price is currently consolidating above the $55.00 support area.
Bitcoin cash price is now trading in a bearish zone below the $250 level.
EOS price is under a lot of pressure and it is approaching the $3.050 support area.
Stellar (XLM) price is now closing in towards the $0.0650 support area.

Bitcoin (BTC) and the crypto market cap are now in a downtrend. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are currently correcting higher.
Bitcoin Cash Price Analysis
After a downside break, BCH price even failed to stay above the $265 support area. It declined heavily and settled below the $250 level. The price is now consolidating above the $225 support and it could correct higher. On the upside, there are many resistances near $255 and $265.
On the downside, the main support is now near $225, below which the price is likely to test the $200 support area in the near term.
Litecoin (LTC), EOS and Stellar (XLM) Price Analysis
Litecoin price declined heavily after it broke the $60.00 support area. Moreover, LTC price declined below the $58.00 support area and tested the $55.00 level. It is currently consolidating losses and it might correct higher to test the $58.00 resistance area in the near term.
EOS price fell significantly below the $3.500 and $3.350 support levels. It even tested the $3.050 support area and remains at a risk of more losses. If the bears push the price below the $3.050 support area, there are chances of a break below the $3.000 support area.
Stellar price is trading in a bearish zone below the key $0.0700 support area. XLM price broke the $0.0685 and $0.0650 support levels. The price is currently correcting higher, but it is likely to face resistance near $0.0685. On the downside, the key supports are near $0.0650 and $0.0635.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there is a strong downward move below the $230.0B and $220.0B support levels. The crypto market cap even tested the $210.0B support area, coinciding with bitcoin testing the $8,000 level. The market cap is currently correcting higher, but upsides may face hurdles near $220.0B and $225.0B levels. On the downside, a break below $210.0B could lead the cap towards the $200.0B level.
Therefore, rallies or recovery remain limited in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the near term.
The post Bitcoin And Crypto Market Remain at Risk: BCH, Litecoin, EOS, XLM Analysis appeared first on NewsBTC.
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Bitcoin Medium Term Outlook: Here Is Why BTC Could Test $6.5K

Bitcoin price is currently in a downtrend below the $9,100 pivot level against the US Dollar.
The price is trading well below the $8,500 support and the 100-day simple moving average.
There is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC/USD pair (data feed from Kraken).
If the current trend remains intact, the price could test $7,400 or even $6,500.

Bitcoin price is following a significant downtrend on the daily timeframe against the US Dollar. If BTC fails to stay above $7,400, it could hit the $6,500 support area.
Bitcoin Price Analysis (Daily Chart)
At the end of the October 2019, bitcoin started a sharp increase from the $7,283 low against the US Dollar. BTC surged above the $8,000 and $9,100 resistance levels. Moreover, there was a nasty spike above the $10,000 resistance area.
However, the price failed to settle above the $10,000 resistance and the 100-day simple moving average. A high was formed near $10,576 before the price started a fresh decline.
This month, the price lost almost all its gains and traded below the key $9,100 pivot level. Besides, the price broke the 61.8% Fib retracement level of the October’s rally from the $7,283 low to $10,576 high.
It is now trading well below the $8,500 support and the 100-day simple moving average. An immediate support is near the $8,060 level since it coincides with the 76.4% Fib retracement level of the October’s rally from the $7,283 low to $10,576 high.
If there is a downside break below the $8,060 and $8,000 support levels, bitcoin is likely to slide towards the $7,400 support area or the $7,283 low. In such cases, the price mostly breaks the last swing low ($7,283).
In the mentioned case, the price may perhaps test the $6,500 support. It represents the 1.236 Fib extension level of the October’s rally from the $7,283 low to $10,576 high.
On the upside, there are many resistances for the bulls, starting with $8,500. Additionally, there is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC/USD pair.
Bitcoin Price
Looking at the chart, bitcoin price is clearly following a nasty downtrend on the daily chart below $8,500 and $8,700. It is likely to test $7,400 or even $6,500 unless there is a daily close above the $8,880 resistance.
Technical indicators:
Daily MACD – The MACD is gaining pace in the bearish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower and is well below the 40 level.
Major Support Levels – $7,400 followed by $6,500.
Major Resistance Levels – $8,500, $8,700 and $8,880.
The post Bitcoin Medium Term Outlook: Here Is Why BTC Could Test $6.5K appeared first on NewsBTC.
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MMOCoin Price Rose by Stunning 53,904% Over the Last 72 hours

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MMOCoin Price Rose by Stunning 53,904% Over the Last 72 hours
The price change of gaming-related MMOCoin (MMO) shows increasing market interest and a possible upward trend.
MMOCoin Price Rose by Stunning 53,904% Over the Last 72 hours

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Source: CoinSpeaker

Bitcoin (BTC) Selling Pressure Stays Intact, Investors Put Hope in Anticipated Halving

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Bitcoin (BTC) Selling Pressure Stays Intact, Investors Put Hope in Anticipated Halving
Bitcoin price is below support levels of $8,340 and $8,200 versus the USD. The price is close to the $8,000 key support zone, where bulls could take a shot.
Bitcoin (BTC) Selling Pressure Stays Intact, Investors Put Hope in Anticipated Halving

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Source: CoinSpeaker

Led by Bitcoin, Crypto Market Prices Continuously Falling

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Led by Bitcoin, Crypto Market Prices Continuously Falling
Fresh decline in the market is considered by some to expose Bitcoin price to a potential return to $7,400. In contrast, other analysts suggested that BTC’s recent trading into a falling wedge is a bullish pattern.
Led by Bitcoin, Crypto Market Prices Continuously Falling

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Source: CoinSpeaker