Bitcoin Price Analysis: BTC/USD Touch $8,500 If It Breaks $8,700 – ByBit Margin Trading

By John Isige
Published November 13, 2019 Updated November 13, 2019
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Bitcoin Price Analysis: BTC/USD Touch $8,500 If It Breaks $8,700 – ByBit Margin Trading

By John Isige
Published November 13, 2019 Updated November 13, 2019
  • Bitcoin bulls defend $8,500 – $8,500 forming a key support range.
  • Only after finding a bottom will Bitcoin reverse the trend significantly towards $10,000.

Bitcoin bull Tim draper has once again come out with a not so preservative prediction for BTC. The billionaire believes that Bitcoin has the potential to trade above $250,000 in the period beyond 2022 going to 2023.

Meanwhile, Bitcoin is lethargic above $8,700. Advances towards $8,800 have not yielded any credible results. Instead, BTC is nurturing as the bearish trend towards the key support at $8,700.

The 100 Moving Average on the one-hour chart is limiting gains around $8,800. The descending trendline resistance continues to make sure that Bitcoin forms a lower high pattern from the previous false breakout above $10,500.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview, Bybit

Bitcoin is also staring into a bottomless pit especially if the forming rising wedge pattern gives in the ongoing retracement in price. Reaction to such a pattern signals a reversal amid an upward slopping trend.

If Bitcoin drops below the key support at $8,700, the sellers will be encouraged to short Bitcoin more hence forcing the price towards $8,500. It is important to note that Bitcoin is yet to find a credible bottom that is likely to increase demand and force a reversal above $9,000 and towards $10,000.

In the short term, the technical picture is strongly bearish especially with the Relative Strength Index inching towards 30 and the oversold levels. The volume is also expanding to show that the selling entries are rowing as well.
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Bitcoin Key Technical Levels (Bybit)

Last traded price: $8,770

Mark Price: $8,761

Index price: $8,763 Volume: $675 million

Interest: $163 million

Trend: Bearish

Volume: Expanding

RSI: Bearish signals

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1160 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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