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Bitcoin (BTC) Price Analysis — Holding the $8,300 Support But Likely to Go Down

Price Predictions
Tue, 10/15/2019 - 09:03
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Denys Serhiichuk
$8,000 or $8,500? Which crucial level will be reached faster?
Bitcoin (BTC) Price Analysis — Holding the $8,300 Support But Likely to Go Down
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bitcoin has not been showing any significant price changes over the last days. Its rate has increased by only 1.29% over the last 7 days. If yesterday XRP was the top gainer out of the top coins, today, its place has been replaced by Stellar. The price of XLM has risen by more than 4% over the last day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

At the same time, altcoins are becoming more attractive to traders which are reflected in the dominance of Bitcoin. The market share of the leading crypto has declined by around 1% over the last month and now constitutes 65.96%.

Name: Bitcoin

Ticker: BTC

Market Cap: $150 595 030 002

Price: $8 369,70

Volume (24h): $15 017 724 532

Change (24h): 0,21%

The data is relevant at the press time.

BTC/USD: Bears are Stronger than Bulls in a Short-Term

Our yesterday price forecast is coming true as Bitcoin remains moving within the range between $8,100 and $8,300.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, Bitcoin is under the Colored EMA/SMA line, meaning that the rate might go down from the current levels. What is more, bulls could not manage to break the bearish line, which indicates the upcoming drop. In this regard, the nearest level which Bitcoin is about to reach soon is the crucial point at $8,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, the focus is on the 200-day moving average (MA), often perceived as a kind of boundary between the bullish and bearish markets.

Related
Bitcoin Price Might Drop Before Pop: Traders Explain Risks And Opportunities

The chart above shows that since the end of September, the price has repeatedly tried to break through the MA 200 but without a result. This suggests weak customer pressure and that shortly the prospects for sharp growth are unreal.

Bitcoin is trading at $8,303 at press time.

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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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.