Bitcoin Price Continues Its Gradual Decline as the $8500 Support Cracks

Bitcoin (BTC) may reach a low of $7,900 as the bears break the price at $8,500. The coin may drop if the bears overrun the critical support at $8,400.

Bitcoin Price Long-Term Prediction: Bearish 

On November 18, the market is making a gradual decline as the price moves up and drops further. In other words, Bitcoin price is making a series of lower highs and lower lows. In the past 24 hours, the price made a lower high at $8,600. Presently, the price is making lower lows. Expectantly the market is likely to reach the low of either $8,400 or $7,900 price level. However, if the bulls defend the $8,500 price level, and the support holds, BTC will bounce back. This may make the price move up to $8,800 or $9,000.

Bitcoin Indicator Reading 

The support line is broken and as such the price will continue to fall. The price has made a bearish crossover as the 12-day EMA crosses below the 26-day EMA. The RSI period 14 level 41 is below the centerline 50. It indicates that BTC will depreciate further. 

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

What Is the Next Move for BTC/USD?

The BTC/USD pair has been trading above $8,500 for the past four days. Yesterday, November 17, the BTC made a retest at the $8,600 and continues its decline. Nevertheless, the $8,500 support is being threatened by the bears. A breakdown will result in a drop at $7,900. The market is still falling as price approaches the critical support level. Traders should abstain from buying in a falling market.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.