Bitcoin (BTC) Price Analysis – Downward Shift May Take Bitcoin To $9000 Despite Sideways Move

7 November 2019 | Updated: 7 November 2019

Bitcoin’s bearish actions have recently extended to the $9100 price areas during the New York session but now correcting at around $9200. We may see a more recovery back above the $9200 once the short-traders exit the market. And if Bitcoin keeps to its last 24-hours decline, we should be expecting a further price roll to the $9000 support zones. However, Bitcoin is now oscillating at around $9100 after losing -0.88% a few hours ago.

Bitcoin (BTC) Price Analysis: Daily Chart – Neutral

Key resistance levels: $9600, $9800, $10000, $10350
Key support levels: $9200, $9000, $8820, $8500

On the daily chart, Bitcoin is following a sideways movement for the past 11 days now. The October 26 price cut at $10350 has made the BTC market to subdue with choppy price actions. Meanwhile, the insignificant volatility is making the trade to stay quiet and calm for a while.

BTCUSD, Daily Chart – November 7

While waiting, Bitcoin’s bullish are still defending the $9000-$8900 support zone, although the market has shown a bearish sign over the past three days now. If the market can stay above the descending channel, Bitcoin may activate a bullish mode to $9800, $10000 and $10350 resistance before testing further resistance. On the downside, a break beneath the $9000 may lead BTC to $8800 and possibly $8500 support.

We can see that the MACD has produced a bullish crossover to show that an incoming bullish momentum. However, the BTC/USD pair is locating support on the RSI mid-band. If the RSI 50 can hold well, we should expect a significant bullish surge to $12000 within a blink of an eye.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Now that Bitcoin has roaming on the triangle’s support, we may now consider the $9100 to be the next Bitcoin trading zone. Since the weekly opening, BTC has been cutting $100 from its daily price. On Monday, Bitcoin traded around $9500, Tuesday $9400, Wednesday $9300 and could probably close below $9200. However, $9000 is still holding as support, followed by $8900 and $8800 on a short-term bearish move.

BTCUSD, Hourly Chart – November 7

If Bitcoin can hold support well at $9100, we may see a quick recovery to $9300, 9400 and $9500 on the upside. Meanwhile, the RSI is defiantly in a downward position to show a sign of weakness in price. On the MACD indicator, Bitcoin has seen a bearish cross, which suggested that selling pressure is more likely to become heavy in future trading.

 

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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.