Bitcoin (BTC) Daily Price Forecast – November 9

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000 Support levels: $6,300, $6,100, $5,900

Yesterday, November 8, the price of Bitcoin was in a bearish trend. The crypto's price fell to the $6,400 price level. The crypto's price broke the 12-day EMA and the 26-day EMA while in a downward trend . The digital currency is now fluctuating above the $6,400 price level. The $6,400 was previously the upper level of price range.

If the bears break the $6,400 price level, the price will fall and find support $6,200. On the other hand, if the crypto's price holds at the $6,400 price level; the price of Bitcoin will commence a range bound movement. Meanwhile, the BTC price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the crypto's price broke the exponential moving averages (EMAs) in a bearish trend. The crypto's price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Publication date: 
11/09/2018 - 07:36
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