Bitcoin price analysis on 09.11.2019
Yesterday morning, sellers were gradually increasing pressure and the BTC price sagged to the support of 8900.00 USD, which we talked about at the beginning of the week. After the rebound, the bears strengthened their pressure and the pair broke through the support at 8900.00 USD.
The decline was stopped by the daily EMA200 at a low of 8661.00 USD.
Overnight the pair tried to recover to the level of 8900.00 USD, but the probability to consolidate above it is rather small. If sellers sell the support of the daily EMA200, the decline will continue to the area of 8500.00 USD.
The level of “eight and a half” was often enough practiced as resistance, not support. Perhaps, it will not be able to hold the price in consolidation for a long time. If the bears manage to push it down in the medium term, the most probable area of consolidation may be the POC line (7954.06 USD) of Volume Profile indicator.
- All price values are given based on the data of BitStamp