Bitcoin Price (BTC) Breakdown Looks Real, $8,500 Next?

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November 8th 2019
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Bitcoin price is declining heavily below the $8,980 support area. BTC to USD is under pressure and it might continue to slide towards the $8,500 support area.

Key Takeaways: BTC/USD

  • Bitcoin price is currently trading with a bearish bias below the $9,180 and $8,980 supports against the US Dollar.
  • BTC/USD is facing a strong resistance near $8,890 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash are also declining heavily.

Bitcoin Price Analysis

Today, bitcoin price saw an increase in selling pressure below the $9,180 pivot level. The bears took control and pushed the price below many key supports near the $9,000 and $8,980 levels.

Bitcoin Price

Looking at the 2-hours chart, bitcoin even settled below the $8,980 level and the 50 simple moving average (2-hours, purple). The recent decline was nasty as the price even tumbled below the $8,850 level.

It traded as low as $8,710 as of now and it seems like there could be more downsides in the coming sessions. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from $9,252 to $8,710.

On the upside, there are many hurdles for the bulls near the $8,980 and $9,000 levels (the previous support levels). It also coincides with the 50% Fib retracement level of the recent decline from $9,252 to $8,710.

Therefore, bitcoin price is facing a strong resistance near $8,890 and a bearish trend line on the same chart. On the downside, an immediate support is near the $8,700 level. If there is a downside break below $8,700, the price could decline heavily towards the $8,500 level.

To move back into a positive zone, the price must settle above $8,980 and $9,000. The next key resistance above $9,000 is near the $9,260 level since it coincides with the 50 simple moving average (2-hours, purple).

Overall, bitcoin price remains at a risk of more downsides below $8,700 unless it recovers sharply and climb back above the $8,980 and $9,000 resistance levels in the near term.





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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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