Bitcoin Price Continues Its Gradual Decline as the $8500 Support Cracks

Home » Bitcoin » Bitcoin Price Continues Its Gradual Decline as the $8500 Support Cracks
November 18, 2019 by
Bitcoin Price Continues Its Gradual Decline as the $8500 Support Cracks

Bitcoin (BTC) may reach a low of $7,900 as the bears break the price at $8,500. The coin may drop if the bears overrun the critical support at $8,400.

Bitcoin Price Long-Term Prediction: Bearish

On November 18, the market is making a gradual decline as the price moves up and drops further. In other words, Bitcoin price is making a series of lower highs and lower lows. In the past 24 hours, the price made a lower high at $8,600. Presently, the price is making lower lows. Expectantly the market is likely to reach the low of either $8,400 or $7,900 price level. However, if the bulls defend the $8,500 price level, and the support holds, BTC will bounce back. This may make the price move up to $8,800 or $9,000.

Bitcoin Indicator Reading

The support line is broken and as such the price will continue to fall. The price has made a bearish crossover as the 12-day EMA crosses below the 26-day EMA. The RSI period 14 level 41 is below the centerline 50. It indicates that BTC will depreciate further.

Bitcoin price, November 18, 2019

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

What Is the Next Move for BTC/USD?

The BTC/USD pair has been trading above $8,500 for the past four days. Yesterday, November 17, the BTC made a retest at the $8,600 and continues its decline. Nevertheless, the $8,500 support is being threatened by the bears. A breakdown will result in a drop at $7,900. The market is still falling as price approaches the critical support level. Traders should abstain from buying in a falling market.

Source: Coinidol

Leave a Reply

Your email address will not be published. Required fields are marked *

© Copyright 2018 Coinstituency. Risk Disclosure: Coinstituency will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Cryptocurrency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite. Coinstituency would like to remind you that the data contained in this website is not necessarily real-time nor accurate, meaning prices are indicative and not appropriate for trading purposes. Therefore Coinstituency doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Coinstituency may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.