Bitcoin [BTC] bulls record another failed attempt at a break-out. This time, forming a bearish candle in the process – a shooting star.
The selling pressure has been increasing consistently as we come close to a break-out. While bulls seemed to take charge earlier today, the price failed to break-out.
On the four hour chart, the bulls protected the slump this morning. However, with the market leaning towards longs, it records a shooting star at 8: 00 hours on 15th Nov. The wick of the candle found resistance at the level of the cross. However, it failed to break-out.
In the event of a bullish break-out, $8800 will act as the stop loss level.
On the daily chart, the price held on to support at $8500. Tone Vays suggests that, currently, the $8500 is the last stand for the bulls with the 50-period moving average. Nevertheless, there is some support, along with the volume profiles at $8200-8300, as well.
$ just had a death cross with the 50 and 200 EMA’s on the 4h chart while the majority of the market is long. I entered short following the death cross and have orders to add at resistance (red horizontals).
The bullish resistances, according to Sawcruhteez, are at $8750 and $8950. Nevertheless, the traders seem to be inclined towards longs as Bitcoin continues to hold $8500. About $30 million in short orders were liquidated at BitMEX and BitFinex as the price broke bullish with a $200 rise during the day.
Currently, the market is inclined towards longs at BitMEX in the ratio of 51% to 49%. The long to short ratio at Okex and Bitfinex is even higher at 1.9 and 5. The funding and premium rate on BitMEX and the basis on Okex also suggest bullish inclination among traders.
The price of Bitcoin [BTC] at 12: 45 hours UTC on 15th November 2019 is $8630. It is trading within the wick of the shooting star.
Do you think that bulls will be able to break above resistance? Please share your views with us.
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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