Bitcoin Hovers above the $9,000 Price Level; May Retest $10,000, If It Bounces

Nov 01, 2019 at 13:06 // News
Author
Coin Idol
BTC price fails to break the $10,000 price level but retraces to find support at the $9,000 price level

Bitcoin Price Analysis: BTC price fails to break the $10,000 price level but retraces to find support at the $9,000 price level. Bitcoin is still hovering above the $9,000 price level for the past week.

Bitcoin price Long-term Prediction: Ranging 

Bitcoin has been fluctuating above the $9,000 price level after the sudden rush above the $10,000 price level. The support level is holding above the $9,000 price level, if the prices bounce at the support, the market will retest the $10,000 supply zone. Likewise, if there is a breakout at the $10,000 price level, Bitcoin will resume the uptrend movement.

 Nonetheless, if the bears break the $9,000 support level, the selling pressure will resume. The market may drop to the previous low of $7,400 support level. Traders are to abstain from trading as Bitcoin continues to fluctuate without direction.

Bitcoin Indicator Reading 

The Relative Strength Index period 14 level 56 indicates that the price has fallen to the range-bound zone. Bitcoin is likely to range for a few more days before the next direction of price. The price is testing the horizontal line if the bears break the line the downward move will resume.

Bitcoin price, November 1, 2019

What is the next direction for BTC/USD?

 Bitcoin is likely to range for a few more days as the price continues to range above the $9,000 support level. Nevertheless, if the price bounces at the support level, it may retest the $10,000 price level. The fluctuations will continue until when price breaks out of this range. However, the actual uptrend movement will resume when the bulls break the bearish trend line and the candlestick closes above it.

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

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

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.

Show comments()