Bitcoin (BTC) Price Analysis — Analyzing Chances for $8,500 Break This Week

Price Predictions
Sun, 11/17/2019 - 14:30
Denys Serhiichuk
What are the technical factors that indicate BTC will return to $9,000 next week?
Cover image via www.tradingview.com

Since yesterday, there has been no significant movement on the market. However, if Litecoin (LTC) is added to the equation, then this changes things. LTC has moved out of red territory by 2.25% to a price $59.47. As for Bitcoin (BTC), its influence continues to decline, making up 65.61% of the index.

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Since yesterday, BTC has been able to maintain its above $8,500. Below is the relevant data at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $155,142,106,399

  • Price: $8,593.97

  • Volume (24H): $17,583,224,437

  • Change (24H): 0.59%

BTC/USD: Are the Bulls Ready for a Return to $9,000?

BTC has broken through the $8,500 resistance mark as trading is higher in this area. Furthermore, a figure resembling a double bottom has formed, favoring growth.

BTC/USD chart by TradingView

The short-term goal is to gain a foothold above $8,500, and gradually push the price upwards and breakthrough the resistance of this downward wedge. Currently, there are prerequisites for this to occur, as the trading volume is high - between $8,650 and $8,750.

BTC/USD chart by TradingView

Looking at the bigger picture, the situation is less positive as BTC is trading below the 50-Day moving average (50 MA) and the 100-Day moving average (100 MA). 

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When the Fibonacci retracement is applied to the chart, the price decreases to the $8,023 mark (78.6%). To sum it up, this will be the end of the bearish trend.

At press time, Bitcoin was trading at $8,555.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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