Bitcoin (BTC) Price Analysis — Reaching $8,900 Before Another Drop

Price Predictions
Wed, 11/13/2019 - 13:48
Denys Serhiichuk
Indicators are showing slight growth. Should we expect any resistance from sellers?
Cover image via www.tradingview.com

Against the high volatility of Bitcoin (BTC), the majority of the top coins are showing little growth. Bitcoin SV (BSV) and Stellar (XLM) are two cryptocurrencies located in the red. There is one bright note - the rate for Binance Coin (BNB) has rocketed up 6.57% since yesterday.

Top 10 coins by Coinstats

Below is relevant data for BTC at press time:

  • Name: Bitcoin
  • Ticker: BTC

  • Market Cap: $159,012,207,665

  • Price: $8,800.13

  • Volume (24H): $19,083,000,721

  • Change (24H): 0.51%

BTC/USD: One More Attempt at a Short-Term Growth

Yesterday, consolidation between the Exponential Moving Average (EMA) 200 and EMA 50 continued. Again, sellers broke the EMA 200 moving average and pushed the price closer to the $8,500 level.

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Currently, there are plenty of arguments favoring a rise in price: increased volume with growth, and lower volumes with a fall. BTC has also almost reached the Fibonacci Retracement level of 61.8%, which usually results in the end of a correction.

BTC/USD chart by TradingView

Today, sellers will attempt to re-test the $8,500 support level, while buyers will simultaneously begin to push the price into the $9,000 area. If BTC manages to gain a foothold on the EMA55, then recovery may continue around $9,200 in the near future.

At press time, BTC is trading at $8,741.

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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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