CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,263.00
  • ethereum
    ETH$1,679.74
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » Bitcoin Price Analysis: BTC At Short-Term Risk, Facing The Critical 200-days MA Line

    Bitcoin Price Analysis: BTC At Short-Term Risk, Facing The Critical 200-days MA Line

    Author: Yuval Gov

    Last Updated Nov 7, 2019 @ 14:53

    For the past ten days, Bitcoin is trading inside a tight range, which is very unlikely for the primary cryptocurrency.

    We can almost say that the past week was boring for the heavy crypto traders. However, this stability could come up to an end very shortly.

    Looking on the following 4-hour chart, we can see that Bitcoin is forming a symmetrical triangle with a Bullish bias, from the fact that it can turn into a bull flag very quickly (in the case of a breakup).

    Despite the above said, since yesterday, following a failed retest of the upper trend-line around $9,450, Bitcoin is losing momentum slowly, and as of writing this, the coin is struggling to stay above the ascending trend-line (the lower angle of the triangle).

    The last comes together with the critical 200-days moving average line. The 200-days MA is a significant indicator to distinguish between bear and bull markets.

    After exactly a month (September 26 to October 26) trading beneath it, Bitcoin returned above for the sake of the Bulls. However, since then, the MA line had been tested as support four times over the past eight days.

    The more times a support level is being tested, the higher the change it will get broken down. Being said that, Bitcoin is now going through its fifth test of the MA-200 line, hoping to be saved following another green support.

    The RSI Indicator: Along with the decision point of the Bitcoin price, the RSI indicator is testing the 57-horizontal support for the third time over the past ten days. Just like the price support, the RSI tells a similar story.

    Trading volume: The volume level is still anticipating the next huge move, after showing a continuous decline since October 26.

    Total Market Cap: $249.2 billion

    Bitcoin Market Cap: $166.8 billion

    BTC Dominance Index: 66.9%

    *Data by CoinGecko

    Key Levels to Watch

    – Support/Resistance: From below, Bitcoin is currently testing the crucial support level of $9200, along with the 200-days mentioned 200-days moving average line.
    In case of a break to the downside, the next level of support is $9000, before the $8800 support area.

    From above, yesterday we saw another failed tryout to breach above the $9400 – $9500 resistance area, where lies the triangle’s descending trend-line (shown on the 4-hour chart).

    In case of a breakup, we should see Bitcoin reaching quickly to $9800 – $10,000 zone. Further resistance lies at $10,300 – $10,400.

    BTC/USD BitStamp 4-Hour Chart

    btc_nov7_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_nov7_d-min

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

  • bitcoin
    BTC$23,263.00
  • ethereum
    ETH$1,679.74
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!