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Bitcoin price hits major support line

Bitcoin price hits major support line

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.

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Bitcoin price prediction November 15

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.

Read Also: Tim Draper Says Bitcoin Price to Hit $250000 by 2023

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.

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