Bitcoin (BTC) Price Prediction – November 15
The Bitcoin (BTC) is likely to suffer more losses as it looks like the downside target of $8,000 is still in sight.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $9,200, $9,400, $9,600
Support Levels: $8,000, $7, 800, $7,600
This week, we saw a significant drop in the price of Bitcoin, lower than the $8,500 support against the US dollar. The BTC/USD pair found support close to $8,400 and corrected higher today. The coin climbed above the $8,700 level but struggled to gain ground above the 9-day and 21-day moving averages where a peak was formed.
However, as a result of this, the price of Bitcoin began to fall further below the support level of $8,500 around the lower boundary of the channel. As long as BTC stays above the support level of $8,500, a correction towards $8,800 is possible and after hitting it, the price may likely visit the next resistance levels at $9,200, $9,400 and $9,600.
Conversely, if there is no recovery above the support level of $8,500, the price may continue to fall to support levels of $8,000, $7,800 and $7,600. Meanwhile, the technical picture looks bearish as RSI (14) faces level 40 pointing downwards, which indicates that the sell-off may continue.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-Hour chart, the bears have now dominated the market by pushing the BTC/USD price below its support level that existed around $8,400. Although, the Bitcoin price has not yet slipped below $8,400 and it’s still in the loop of making a bounce back. Currently, the price of Bitcoin hovers around $8,458.01 and may take time to persistently trade above $8,500.
Furthermore, BTC/USD is currently moving below the 9-day and 21-day moving averages and any upward movement may likely push the price near the resistance levels of $8,600, $8,800 and $9,000 while the immediate support levels lie at $8,300, $8,100 and $7,900. The MACD is sitting comfortably in the negative region while the decreasing negative divergence suggests that the bears are gaining traction.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
The post Bitcoin Price Prediction: BTC/USD Is down Profusely as the Price Couldn’t Stay Above $8,500 appeared first on InsideBitcoins.com.