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Technical analysis

BTCUSD Forecast: Bitcoin Price Might Decline Towards $6300 Levels

Amandeep Sonewane | Nov. 9, 2018
BTCUSD Forecast: Bitcoin Price Might Decline Towards $6300 Levels

November 09, 2018 | AtoZ Markets

Bitcoin price is trading below $6,450 level with the 24 hours volume of $254M, in accordance with data. At the time of press, the coin has a market cap of $111.03 Billion.

In the last 1 Week, Bitcoin price has moved by $ 26.87 (0.4215%) with a total volume of over $ 1.60 Billion. The highest price of the coin, $ 6,562.79, was on 07 November 2018 at 04:00 GMT. The lowest price, $ 6,336.96, was on 03 November 2018 at 15:00 GMT.

Bitcoin Price Technical Analysis

A "Three outside down" bearish candlestick pattern has emerged in 1D timeframe with high reliability. This pattern is a more reliable addition to the standard Engulfing pattern. A bearish Engulfing pattern occurs in the first two candles. The third candle is a black one with a lower close than the second candle. The third candlestick is confirmation of the bearish trend reversal.

Recently, the price of Bitcoin started a downside correction and traded below the $6,500 support against the USD. The BTCUSD pair declined and broke the $6,475 and $6,440 supports. Moreover, there was a close below the $6,440 support and the 100 hourly SMA. The decline was such that price of the coin surpassed the 76.4% Fibonacci retracement level of the last leg from the $6,370 swing low to $6,553 high.

More importantly, yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the 1H chart of the BTCUSD. The pair traded close to the $6,370 swing low and found support near $6,375. It corrected a few points and tested the 23.6% Fibonacci retracement level of the recent decline from the $6,552 high to $6,382 low.

At the moment, the price of the coin is consolidating above the $6,375 support. If buyers reappear, the price may test the previous support at $6,440 and the 100 hourly SMA. Above $6,440, the next resistance is $6,475 and the 50% Fib retracement level of the recent decline from the $6,552 high to $6,382 low.

Bitcoin price might trade in a range above the $6,375 support for a couple of sessions before the next move. However, it is likely possible that Bitcoin price might decline towards $6,300 in the short term.

  • RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
  • William%R – Buy signal on the daily time-frame.
  • MACD(12,26) – Buy signal in daily charts.
  • ATR(14) – signals that BCH is highly volatile.

Bitcoin Pivot Point

Bitcoin price is sustaining a strong daily support near $6,440 and resistance near $6,550 levels.

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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.