Bitcoin (BTC) Price Analysis – Breakout: More Bearish Actions Underway For Bitcoin

8 November 2019 | Updated: 8 November 2019

Since our previous crypto trading signals, we have seen Bitcoin finally broken beneath $9000 to $7700. Bitcoin has seen a little price recovery back to the $8800 area at the moment as more sell may be underways. For this reason, BTC is currently correcting a loss of -4.98%. The selling pressure could become heavier if the market closes below $8800 today.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $9000, $9500, $10000
Key support levels: $8500, $8300, $8000

As predicted earlier today, Bitcoin is now testing the $8800 support after breaching the important support at $9000. Bitcoin is likely to trade back inside the descending channel if the price closes beneath the white horizontal line. Immediate support lies at $8500 and $8000 – where the grey ascending line is aligning.

BTCUSD, Daily Chart – November 8

Currently, the RSI is looking for a level on the green ascending line as the MACD shows a sign of weakness. If Bitcoin can find support at the mentioned line support, a rebound is likely to play out. Nevertheless, we can expect $9000, $9500 and $10000 to now hold as resistance for the market.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

From $9200, Bitcoin saw price cuts of $500 over the past few hours, making the bears gain control of the market. As of now, it appeared that sellers are struggling to surpass confluence support at $8800, where the white and yellow trend line lies on the chart. However, the recent bearish cross on the MACD is an indicator to a more downward move. Also, the RSI is now reaching the oversold region.

BTCUSD, 4H Chart – November 8

Considering the next major move for Bitcoin, a bearish continuation may bring the price as low as $8550, $8300 and $8000. From above, $8900 and 9000 resistance are close areas for a retracement. A slight break-up may allow Bitcoin to further test the $9200, where BTC starts to drop earlier today. With the recent triangle breakout, we can expect more bearish actions to play out.

BITCOIN SELL SIGNAL

Sell Entry: $8788
TP:  $8500
SL: $9000

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Michael Fasogbon

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.