Bitcoin (BTC) Price Analysis — Anticipating a Move Above $9,000

Price Predictions
Sat, 11/02/2019 - 15:02
Denys Serhiichuk
Anticipating the $9,000 mark or preparing for a continued bull run? What to expect from Bitcoin in the near future?
Cover image via www.tradingview.com

On Saturday, November 2nd, the cryptocurrency market started on a positive note. According to CoinStats, the top 10 coins are in the green, with EOS (EOS) standing out from pack with a 3% increase since yesterday. The Bitcoin Dominance Index keeps decreasing, and currently makes up 67.25%. 

Top 10 coins by Coinstats

The world’s first cryptocurrency started the week on a negative note, losing 3.56% on Monday. This is noteworthy because on that day, Bitcoin (BTC) formed a long wick candle, suggesting an exhaustion of buyers. Below the relevant data at the time of publication:

  • Name: Bitcoin
  • Ticker: BTC
  • Market Cap: $167,678,090,915
  • Price: $9,302.27
  • Volume (24h): $22,578,968,379
  • Change (24h): 1.36%

BTC/USD: Showing False Growth Before a Drop

According to our recent forecast, BTC's current growth is likely to continue up to $9,750.

BTC/USD chart by TradingView

Yesterday, BTC's price continued its lateral movement, in which the attempts by buyers to a gain a foothold above the watch EMA 55 was successful. The bulls can go further to a support level of $9,400 if the volume increases. Otherwise, the bears will bring the rate back down to a support level of $9,000. 

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Respectively, the short-term scenario is bullish, and a mark at $9,400 might be touched until the end of the current weekends.

 BTC/USD chart by TradingView

Looking at the bigger time frame, the picture is less optimistic. One may observe the declining highs, as well as a decrease in the trading volume. In addition, the MACD indicator is losing ground, forming an upcoming decline. In short, there will be a retest of the $9,000 mark next week.

At the time of publication, BTC was trading at $9,364.

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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