Bitcoin (BTC) Price Analysis - Bears Possibly Approaching the $7,000 Mark?

Price Predictions
Thu, 11/21/2019 - 14:43
Denys Serhiichuk
Is there any hope for the bulls to seize on the initiative with a short-term scenario?
Cover image via www.tradingview.com

The cryptocurrency market has continued its decline. Bitcoin (BTC) has been unable to gain a foothold over the level of resistance, and at the moment, there is the potential for a developing downward movement. Binance Coin (BNB) has also had a 6.48% price drop, the biggest since yesterday.

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BTC could not maintain its price above the $8,000 level, resulting in a four-week low. Below is the relevant data at press time:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $143,581,280,183

  • Price: $7,950.41

  • Volume (24H): $19,288,505,107

  • Change (24H): -2.57%

BTC/USD: Could the Previous Bottom at $7,500 be Updated?

Yesterday, BTC tried to fix its price above the $8,200 mark but failed. As a result, there has been an increasing downward movement.

BTC/USD chart by TradingView

Looking at the 1H chart, the indicators are predicting a bounce back to $8,000 soon. The relative strength index (RSI) touched the 20 mark, confirming an exhaustion of bears to push the price deeper in a short-term scenario. Respectively, this prediction could occur through the end of the current week. However, it is likely to be a correction after the decline rather than the start of a bullish trend.

BTC/USD chart by TradingView

At the moment, quotes were able to break through the support area. The next crucial area is located at the $7,670 mark. The price also broke through the lower border of the Bollinger Bands, indicating pressure from sellers. Confirmation of a price increase will be strong growth and the breakdown of the $9,800 level.

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However, there is every chance that we will see a continuation of the downward movement to its first target at $6,875. The breakdown of the ascending trend line on the RSI indicator is in favor of this movement - such a signal indicates the potential for updating a local minimum.

At press time, BTC is trading at $7,872.

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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