Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

Just a quick weekend update for Bitcoin price following the break-down of the triangle we had pointed out two days ago, along with the significant key-support area of the 200-days moving average line.

Two days ago, I warned here that Bitcoin is at short-term risk. As can be seen, Bitcoin didn’t hold support for the fifth time, and violently broke down. This resulted in a 48-hours $800 drop. On the following charts, you can see the moment BTC broke down roughly at $9150, followed by substantial red candles, quickly down to $8660.

As can be seen on the daily chart, this target is not a coincidence. The support area, that was marked by us on the weekly market update analysis, also contains the 50-days moving average line (marked pink on the daily chart).

After finding support, we saw a slight correction back to the 38.2% Fibonacci retracement level, marked on the 4-hour chart, at $8883. In my opinion, the correction can also reach $9000 – $9100 (Fibonacci levels 61.8% and 78.6%), but as of now, this doesn’t look the best for Bitcoin.

Total Market Cap: $240 billion

Bitcoin Market Cap: $159.5 billion

BTC Dominance Index: 66.4%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: As mentioned above, Bitcoin is now under correction, where the first level of resistance is the $8883 38.2% Fib level, before reaching the $9000 – $9100 area. Further above is the $9200 level (along with the 200-days moving average line); this is followed by the strong resistance area at $9400 – $9500.

From below, the first support lies at yesterday’s low $8660, along with the 50-days MA at $8600. Further below lies $8400 and the ascending trend-line (currently around $8200).

The RSI Indicator: The daily RSI broke down the 57-horizontal support, which held the price nicely for almost ten days. As of now, the RSI found support on a past resistance level of 44. Stochastic RSI oscillator is paving its way to the oversold territory, but there is still more room to go on the downside, according to the oscillator.

Trading volume: Following the price action, the volume spiked to a 10-days high, after declining from day to day over the past two weeks.

BTC/USD BitStamp 4-Hour Chart

btc_nov9_4h-minbtc_nov9_4h-min

BTC/USD BitStamp 1-Day Chart

btc_nov9_d-minbtc_nov9_d-min

Click here to start trading on BitMEX exchange and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.

No Comments

Be the first to start a conversation

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News