November 20, 2019 Finance and Tech Publication

Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

Bitcoin price is struggling to rebound and declining below the $9,300 support against the US Dollar.The price is likely to accelerate decline if it breaks the $9,120 support area.There is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).Similarly, there were bearish moves in Ethereum and ripple in the past three sessions.Bitcoin price is showing bearish signs below $9,300 and $9,240 against the US Dollar. BTC price could accelerate losses if it continues to struggle below $9,300.Bitcoin Price AnalysisIn the past few hours, there was a steady decline in bitcoin from the $9,440 high against the US Dollar. The last swing high was near $9,374 before the price declined below the $9,300 support area.Moreover, there was a close below the $9,300 support and the 100 hourly simple moving average. Finally, the price spiked below the $9,120 support area and traded as low as $9,084.It is currently correcting higher above the $9,120 level. Additionally, it surpassed the 50% Fib retracement level of the recent decline from the $9,374 high to $9,084 low.However, the price is facing a lot of hurdles on the upside near the $9,240 and $9,300 levels. More importantly, there is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair.The 61.8% Fib retracement level of the recent decline from the $9,374 high to $9,084 low is also capping the upward move. Therefore, a successful break above the trend line and a follow through above $9,300 is needed for a fresh increase.The next key resistance is near the $9,440 area, above which bitcoin is likely to climb towards the $9,550 and $9,600 levels in the near term.On the downside, an immediate support is near the $9,120 area. If there is a successful daily close below the $9,120 support, there are chances of more downsides below the $9,020 and $9,000 support levels. The next major support is near $8,920, followed by $8,780.Bitcoin Price Bitcoin PriceLooking at the chart, bitcoin is clearly trading in a bearish zone below the $9,300 resistance level. Thus, the price remains at a risk of a bearish break below $9,120 and $9,020. To move into a positive zone and start a decent upward move, the price must settle above $9,300.Technical indicators:Hourly MACD – The MACD is likely to move back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it could test the 25 level.Major Support Levels – $9,120 followed by $9,020.Major Resistance Levels – $9,240, $9,300 and $9,440.

Related Posts

Bitcoin Wallets Under Review, Consultancy Firm Grades BTC Storage Methods

November 20, 2019

November 20, 2019

Adequate Bitcoin storage should be a top priority for any holders of the cryptocurrency. However, with so many different options...

Bitcoin Impact on Climate Change Negligible, Nearly Half of Emissions From China

November 20, 2019

November 20, 2019

Recently, it was reported that Bitcoin mining now consumes as much as a quarter percent of the entire world’s electricity...

Annual XRP Swell Pump Amounts To Bearish Ripple Retest

November 20, 2019

November 20, 2019

Each year, the annual Ripple-hosted Swell conference causes a strong XRP price pump leading up to the event, but the...

Antonopoulos Says Bitcoin Ideology Terrifies Wall Street

November 20, 2019

November 20, 2019

Cryptocurrency proponent Andreas Antonopoulos speaks about the fear that Bitcoin invokes around Wall Street. Even though there are burgeoning Bitcoin...

Emotional Rollercoaster: Bitcoin Could Follow the Amazon Fractal, Big Upside Potential

November 20, 2019

November 20, 2019

Markets, whether it’s Bitcoin or Amazon stocks, are cyclical and are driven by the same dynamics such as supply and...

ShapeShift Is Launching a Token for Free Cryptocurrency Trading

November 20, 2019

November 20, 2019

ShapeShift now offers its users fee-free trading in the form of an ERC-20 token.  The self-custody trading platform announced today,...

Bitcoin Mining Capitulation is Here at Last; Will Prices React?

November 20, 2019

November 20, 2019

Dread it. Run from it. Bitcoin (BTC) miner capitulation arrives all the same. As spotted by Charles Edwards, a cryptocurrency...

If Bitcoin Prices Loses $7,900 on Weekly, the Bull Market May End

November 20, 2019

November 20, 2019

Over the past day or two, Bitcoin (BTC) has started to settle in a price range, the low-$8,000s. As it...

Bitcoin (BTC) Price Primed For Breakdown Below $8K

November 20, 2019

November 20, 2019

Bitcoin price is extending its decline below the $8,250 resistance area against the US Dollar.The price is likely to decline...

Bitcoin And Crypto Market Remain at Risk: BCH, Litecoin, EOS, XLM Analysis

November 20, 2019

November 20, 2019

The total crypto market cap remains at a risk of a drop towards the $200.0B support.Bitcoin price is currently correcting...

Ripple (XRP) Price Trading Near Crucial Juncture, Can Bulls Make It?

November 20, 2019

November 20, 2019

Ripple price is currently correcting higher and is trading above $0.2520 against the US dollar.The price seems to be approaching...

Ethereum (ETH) Correcting Higher But Bears Remain In Control

November 20, 2019

November 20, 2019

Ethereum is currently correcting higher from the $172 support against the US Dollar.Bitcoin price is also correcting higher, but it...

Echo Bubble Narrative Grows Stronger as Bitcoin Struggles to Find Support

November 19, 2019

November 19, 2019

It has been a crazy past few weeks for Bitcoin, with the cryptocurrency’s price incurring an explosive rally that sent...

Blockchain Tech Used as Part of Chinese Calligraphy Exhibition in New York

November 19, 2019

November 19, 2019

Blockchain technology has been given a somewhat unusual demonstration in New York City this week. Organisers of a traditional Chinese...

Key Indicator Signals That Bitcoin is Bottoming as Bulls Defend Key Support Level

November 19, 2019

November 19, 2019

Bitcoin (BTC) has continued slowly grinding lower as bears gain the upper hand over bulls, and sellers have now led...