Bitcoin price is showing bearish signs below $9,200 and could accelerate losses if the BTCUSD pair continues to struggle below $9,200.
Bitcoin Price Medium-term Analysis
Yesterday, November 7, the price of Bitcoin (BTC) was trading within the range of $9,180 to $9,406. Following October 25 bounce, Bitcoin price spiked to $9,568 resistance level. However, the bulls were unable to break above the $9,600 resistance level.
Today, November 8, Bitcoin price has declined heavily. The coin dropped below the $9,120 support level and traded as low as $9,084. At the time of writing, the price of Bitcoin is correcting higher at $9,134.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $9,400 and $9,600 resistance level. On the downside, immediate support is near the $9,100 level while the main support is at the $9,000 level. The price might slide sharply below $8,800 which may likely test the main support at $8,600 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Short-term Analysis
On the 1-hour chart, the BTC price is in a bearish trend 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 the resistance level of $9,300.
Meanwhile, the MACD line and the signal line are below the zero line which indicates is a sell signal.
- Resistance Levels: $9,300, $9,400 ¸ $9,600
- Support levels: $9,000, $8,800, $8, 600
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.