Bitcoin (BTC) Price Analysis – Bearish Actions Could Make $9000 Support Weak

Bitcoin (BTC) Price Analysis – Bearish Actions Could Make $9000 Support Weak

Due to recent shrink in volatility, the $9200 has become a trading level for Bitcoin for over two days now. In spite of that, the $9100 – $9000 is currently providing support for the market. On the upside, Bitcoin is holding major support at $9500. We can expect these price zones to provide levels for the market in coming swing, and if not, the price may shift to the next key levels. Now, Bitcoin holds a market cap of $166.6 billion after losing -0.68% overnight.

Bitcoin (BTC) Price Analysis: Daily Chart – Neutral

Key resistance levels: $9500, $10000, $11350
Key support levels: $9000, $8820, $8500

Bitcoin keeps sideways move and has remained calm for the past 12 days now. Since the October 26 rejection at around $11400, the price volatility has been subdued with a squeeze, although Bitcoin appears to be footing a bullish move. Before we can see a positive move, the market is likely to retest the $8500 – $8800 support zone. Meanwhile, Bitcoin currently held support at $9000.

BTCUSD, Daily Chart – November 8

If we can see an upward movement, the resistance to keep in mind is $9500, $10000 and $11350. The technical indicators suggest a potential downward shift in price which may play out if the MACD moving averages cross down. This may also bring the RSI to or below the 50 levels.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin’s MACD has been floating at a fragile level for a while now. It appeared that we may see a price break-down if the technical indicator leaves the positive zone. Still, the BTC trading remains intact in the descending triangle formation – which could follow a bearish breakout. The $9000, $8880 and $8700 may possibly act as support.

BTCUSD-4H-Chart-November-8

Another thing to consider here is the RSI that shows bearish signs. Bitcoin may touch the above supports if the RSI continues to move downward. Alternatively, the bulls may regain control of the market if Bitcoin can break-up the triangle pattern to $9483 to $9776 but close resistance lies at $9300. With the bull flag formation, BTC remains indecisive on the 4-hour time frame.

BITCOIN SELL SIGNAL

Sell Entry: $9192
TP:  $8833
SL: $9315

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.