Bitcoin [BTC] Monthly and Weekly Close Below $8000 Leaves the Bulls High and Dry

bitcoin short bullish scenario
Image Source: Shutterstock

Bitcoin [BTC] Monthly and Weekly Close Below $8000 Leaves the Bulls High and Dry

Bitcoin [BTC] price failed to break above $8000 as it witnesses bear reversal at $7870.

On the spot markets, the total fall in Bitcoin’s price in October was $1599 (17.48%) as it closes at $7550.

On a weekly scale, the closing was positive after four consecutive weeks of losses. Nevertheless, Bitcoin [BTC] is looking to find support from the 50 and 128-period moving average at around $7250-$7300.

btcusd weekly
BTC/USD 1-Week Chart on Bitstamp (TradingView)

CME Bitcoin Futures for November closed at $7800. A 16.17% drop in the month of October.

The price of Bitcoin [BTC] at 3: 45 hours UTC on 2nd December 2019 is #7363.

Traders Going as Long

The open interest in the market is subsiding as traders grow increasingly uncertain of the direction. While the fundamentals are still bullish, the market for Bitcoin seems to be drying up.

btcusd open interest
Bitcoin [BTC] Derivatives Open Internet on Okex
Nevertheless, as Bitcoin comes back to $7500, some traders seem to be going long for a cheaper bid. While it is a positive for a buy wall support. However, it can be an adverse signal as Crypto trader XC pointed out,

Longs minus shorts quietly approaching a new ATH on Bitfinex. Back in 2018 this was the ultimate short signal according to CT.

Is the Bottom In?

The long term bearish channel is still intact as Bitcoin [BTC] has broken below the mid-line of the channel. Until almost the fortnight, the low of the channel would be around the swing-lows at $6515. Moreover, a break below it could further ring bearish alarms.

The 128-Day Moving Average also logs a bearish cross with the 200-Day MA.

btcusd
BTC/USD 1-Day Chart on Bitstamp (TradingView)

Another expert trader, Josh Rager, tweeted,

$BTC looks like a reversal with this follow through break down

High time frames don’t look great. Traders keep trading and hodlers keeping hodling

The price was looking relatively bullish throughout the week as it sought to break above $8000. However, it reverses to touch a low at $7233. Hence, a re-test of lows or long periods of consolidation can be expected in the short term.

Do you think the bulls will to able to keep the swing lows? Please share your views with us. 

Summary
Bitcoin [BTC] Monthly and Weekly Close Below $8000 Leaves the Bulls High and Dry
Article Name
Bitcoin [BTC] Monthly and Weekly Close Below $8000 Leaves the Bulls High and Dry
Description
Bitcoin [BTC] price failed to break above $8000 as it witnesses bear reversal at $7870. 
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Post your comment...
Nivesh Rustgi 727 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Follow Nivesh @