Bitcoin had a quick surge to $8,800 on Friday after completing a reversal technical pattern. Will the surge continue? Bitcoin has hit major support line and a possible reversal zone based on the Elliott wave theory.
November 15, 2019 | AtoZ Markets – The cryptocurrency market capitalization is currently at $237 billion after shedding about $20 billion in November so far. Bitcoin hit $8,500 critical level on Friday. However, it quickly bounced and gained about $300 in less than 7 hours. Afterward, it lost about half of the profit in less than an hour and stabilizes. Going into the weekend, we should see the price attracted more to $9,000 and above than toward the $8,500 low. The bearish correction from $10,500 might have completed at $8,500. If the price should break above the corrective channel roof, it should advance toward $12,300 and $13,900 resistance levels.
Meanwhile, the market performance in the last 7 days shows that the big 5 all had significant losses. Ripple has the worst performance so far with almost a 4% decline. BCH which has been the best performer in the last 30 days dropped 2.2%. Bitcoin shed 2.1% while the least-hit are Ethereum and Litecoin with 0.9% and 1.4% losses respectively. However, BCH, LTC, and BTC led the top 5 coin table in the last 30 days with 27%, 14%, and 8.5% gains respectively. Ethereum recorded a 5% gain while Ripple had a 6% loss. Overall, in the last one year, Bitcoin leads with 60% and 107% in 2019 YTD (at the time of writing this report).
Bitcoin price prediction November 11 update
Bitcoin has completed a zigzag pattern from $10,500. This pattern is the correction of the $7,300-to-$10,500 spike that happened between October 25 and 26. Since the price broke below the October 26 to November 6 triangle pattern last week, there has been an expectation of a deeper decline to $8,500 or $7,800-8,000 support levels. A bullish reversal was expected at any of these levels. In the last update, we discovered an ending diagonal reversal pattern completing around $8,500. We used the chart below (all the charts below are from TradingView)
A break above $8,900 should give an initial confirmation that a push upside will happen. Most times, if the price will reverse after an ending diagonal pattern, it does with a quick counter-move. It seems that is happening at the moment as the chart below shows. However, we will prefer the rally to continue above $8,900.
The chart above shows the Bitcoin price prediction November 15 update. After a sharp breakout from the diagonal pattern, the price dropped back inside. A break upside is expected to happen once the price hits above $8,900. We will look forward to targets at $10,500, $12,300 and $13,900. However, if the price goes sideways, a further decline to $7,800-8,000 will be expected.