Price Analysis

Bitcoin Tests Major Support; Rips Off Gains and Trades at $8,810.22

  • BTC trades at $8,810.22 after having dipped to $8,661.00
  • Bitcoin takes a downward directional stride
  • BTC price records an over 5% fall from trading above $9,200 to mark the lowest at $8,600

Bitcoin falls below $9,000, gaining support from 30-DAY EMA after having faced the dip at $8,600, which is around 30-day SMA and 200-day EMA. While the 200-day SMA was providing ground support at $9,200, BTC price couldn’t hold tight and fell apart to trade below $9,000. This fall below $9,000 was recorded after two weeks of persistent trading above $9,000. All the gains that Bitcoin investment has fetched for the investors all this while is ripped off as currently, it is in the ‘strong selling’ zone.

Bitcoin Price Analysis:

BTC Price Chart
BTC Chart By TradingView

Analyzing the intraday movement of Bitcoin, we see that the coin has plunged by over 5% on Friday. As such, this was an anticipated fall to a major extent, as all the technical drivers pointed out towards consolidating major supports below $9,000. The price has slid as low as $8,661.00 as per the data feed from Kraken. Important to note that the 24h trading volume has not been affected by the falling price, but the market cap has seen a steep fall to currently being marked at $159,522,737,424.

It is nearly an end to the ongoing year 2019, and BTC has been through a lot of rough patches, not to forget the peak it achieved at $13,000. However, the recent price drops have triggered a lot of Bitcoin loyalists and lovers to take careful trade decisions in order to gain profits towards the closing of the year.

Technical Indicators:

Bitcoin slides below almost all the major and short-term moving averages after having range-bound trading for quite a long time. BTC price has rightly tested major support around the 5-day SMA and 10-day EMA.

The MACD of the coin is running bearish and inclined to zero.

The RSI of the coin is currently lifted from the oversold region and is now at 50, showing no extremities.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
Back to top button
Close