- Bitcoin surrounds itself around the major support area at $8,500
- BTC price faces a strong selling pressure
- There will be a persistent bearish line formed if the price falls below $8,400, the lowest in the said time frame
Bitcoin (BTC) is considered a mighty investment for the long-term; however, the short-term is a complete disgrace at present as the same is testing supports near $8,500. After having a continuous trade around $8,700 and $8,900, BTC’s price has shifted to a notable trade zone. An impromptu move below $8,400, $8,200 and $8,000 will draw a strong bearish zone.
Bitcoin Price Analysis
Analyzing the movement of Bitcoin from the past two days, we see that initially, it was trading as high as $8,837.19 on November 13, 2019. With the majority of red candles in the trend, it bottomed to test the support at $8,558.93 after having a static trade in between. The plunge became so prominent that later the BTC price slipped to test support at $8,400, while currently trades at $8,592.20.
There is an inherent risk attached if the coin slips any further now. There have been multiple rejections faced by Bitcoin’s price while it hovered around the major resistance levels, which has led the coin to form a complete bearish outlook.
As per the Fib Retracement, the coin is currently between 23.60% and 38.20% level throwing a bearish outlook.
The MACD of the BTC coin is below zero but holds a bullish crossover as the coin temporarily topped at $8,772.41, slightly prior to the time of writing.
The RSI of the coin is at 51.50, showing no extremities at present.