November 4, 2019

Bitcoin Cost Is Approximately $9K But What If To Arise Again?

  • Bitcoin price is trying to do all the best to be higher than the $9,300 and $9,400 resistances contrary to the USD.
  • Price is dealing at a level higher the key $9,000 and $8.960 support levels.
  • There was a break under a linking bullish trend line with support near $9,240 on the hourly chart of the BTC/USD pair.

Analysis Of Bitcoin Cost

This previous week, bitcoin heightened persistently above the $9,200 and $9,300 opposition levels against the USD. BTC even traded above the $9,350 opposition area and the 100 hourly ordinary moving medium.

Nevertheless, the cost is going to break the $9,400 opposition area. In the end, the price opened a recent decline from the $9,393 mark. It dealt back below the $9.300 stage and the 100 hourly SMA.

What is more significant is that there was a breakthrough below a linking bullish trend line with support near $9,240 on the hourly chart of the BTC/USD pair. A low was formed near $9,081, and the cost is presently correcting higher.

It broke the 23.6% Fib retracement stage of the last descent from the $9,393 high to $9,081 low. Nevertheless, the upward movement was limited by the $9,240 level and the 100 hourly SMA.

Also, the 50% Fib reduction level of the recent drop from the $9,393 high to $9,081 low is acting as a resist for the bulls. If there is more income, the $9,300 area is probably to act as the main obstacle in the near time for bitcoin.

If there is a significant breakthrough above the $9,300 opposition, the next stoppage for the bulls may likely be near the $9,380 and $9,400 resistance stage. Contrariwise, if there is a downward movement, original support is near the $9,100 level. The basic support is near the $9,000 level, under which there is a jeopardy of another decline towards $8,500.

In the chart, we can see that bitcoin is facing a lot of opposition near the $9,300 and $9,400 mark. A beneficial close above the $9,400 level is a must for bullish speed-up. If it does not work, there is a risk of a downside extension below the $9,000 support.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

Get early access

Don’t miss your chance to pre-register today and enjoy all the benefits of early adopters in the future!