CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin For Beginners
    • Bitcoin & Crypto Guides 101
  • IEO & ICO List
    • IEO & ICO List
    • Token Sale Evaluations
    • Airdrops
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • The ICO & IEO List
  • CryptoPotato Crypto Fund
  • Airdrops
  • Ethereum Price Analysis
  • Ripple Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$7,449.21
  • ethereum
    ETH$148.17
  • bitcoin
    BTC$7,449.21-0.93%
  • ethereum
    ETH$148.17-1.45%
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Bitcoin Price Analysis: BTC Consolidation Period Might Lead to Sharp Price Move Soon
    Home » Crypto News » Bitcoin Price Analysis: BTC Consolidation Period Might Lead to Sharp Price Move Soon

    Bitcoin Price Analysis: BTC Consolidation Period Might Lead to Sharp Price Move Soon

    Author: Yuval Gov Updated Nov 25, 2019 @ 13:44

    Following our last Bitcoin price analysis three days ago, the coin has marked a clear trading area: resistance around the 2019 high at $9,400, and strong support at $8,800.

    Any move outside the above territory will probably dictate Bitcoin’s direction for the next couple of days.

    Looking at yesterday’s trading day, we don’t see any unusual excitement following the official announcement of Facebook’s Libra coin.

    However, there are clear signs of an upcoming sharp move that should be taking place soon. The first is the fact that Bitcoin’s price has experienced significant volatility over the past 2-3 months, so three consecutive calm days is a very rare sight.

    Total Market Cap: $287 billion

    Bitcoin Market Cap: $162.8 billion

    BTC Dominance: 56.7%

    Looking at the 1-day and 4-hour charts:

    Support/Resistance: At the time of writing, Bitcoin’s price was hovering around the demand zone at $9,000 – $9,100. If that breaks down, we would expect to approach the next support level at $8,800, along with the daily chart’s lower ascending trend line (marked in orange). Further below lies $8,600 (along with the 4-hour chart’s MA-50, marked in purple), before reaching $8,400, $8,200 – $8,250 and $8,100.

    From the bullish side, the nearest resistance zone is at $9,400, which was the 2019 high. As can be seen on the daily chart, this is precisely where our marked middle ascending trend-line was.

    Breaking $9,400 would probably lead quickly to a move toward the next resistance level of $9,600 – $9,700, whereas the following resistance level is a five-digit number.

    Trading Volume: Over the past three days, the trading volume has been decreasing. This could be related to the anticipated move mentioned above.

    Daily chart’s RSI: After reaching a weekly high of 70, the RSI has dropped to 64. That said, it still looks bullish. Looking at the BTC daily chart, the Stochastic RSI oscillator recently exhibited a crossover in overbought territory and is about to enter the bearish zone (under 80), which usually leads to a correction.

    Bitfinex open short positions: The open short positions are around their monthly high. This might be a sign of an upcoming move. There are now approximately 25K BTC open short positions.

    BTC/USD Bitstamp 4-Hour Chart

    btc_jun19_4h-min

    BTC/USD Bitstamp 1-Day Chart

    btc_jun19_d-min

    Click here to start trading on BitMEX exchange and receive 10% discount on fees for 6 months.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Technical analysis tools by Coinigy.

    You might also like:

    Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment

    Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment

    Ripple Price Analysis: XRP Goes Back Up To $0.23, Can Christmas Come Earlier?

    Ripple Price Analysis: XRP Goes Back Up To $0.23, Can Christmas Come Earlier?

    Bakkt Launches The First CFTC-Regulated Option on Bitcoin And Cash-Settled Futures

    Bakkt Launches The First CFTC-Regulated Option on Bitcoin And Cash-Settled Futures

    Ethereum Price Analysis: ETH Claims $150 But Can It Go Any Higher?

    Ethereum Price Analysis: ETH Claims $150 But Can It Go Any Higher?

    Bitcoin Trading Volume in Argentina Hits New ATH As The President-Elect Announced New Cabinet

    Bitcoin Trading Volume in Argentina Hits New ATH As The President-Elect Announced New Cabinet

    The US IRS Wants To Know How You Got Your Bitcoin

    The US IRS Wants To Know How You Got Your Bitcoin

    Anthony Pompliano: Bitcoin Price At $100,000 By December 2021 (Exclusive Pomp Interview)

    Anthony Pompliano: Bitcoin Price At $100,000 By December 2021 (Exclusive Pomp Interview)

    As New Week Starts, Bitcoin Price Is About To Take a Critical Decision (BTC Analysis & Overview)

    As New Week Starts, Bitcoin Price Is About To Take a Critical Decision (BTC Analysis & Overview)

    What Are Bitcoin Price Gaps? How Can They Affect The Price?

    What Are Bitcoin Price Gaps? How Can They Affect The Price?

    Ethereum’s Istanbul Hard Fork Is Now Live: What to Expect

    Ethereum’s Istanbul Hard Fork Is Now Live: What to Expect

    Bitcoin Price is Likely To Re-Test $4,400 Before Turning Bullish Again, Prominent Analyst Explains

    Bitcoin Price is Likely To Re-Test $4,400 Before Turning Bullish Again, Prominent Analyst Explains

    Tezos Price Analysis: XTZ Climbs To $1.40 But Can It Go Higher?

    Tezos Price Analysis: XTZ Climbs To $1.40 But Can It Go Higher?

    Bitcoin Is Ready For Another Volatile Weekend: Saturday Crypto Market Watch

    Bitcoin Is Ready For Another Volatile Weekend: Saturday Crypto Market Watch

    Weekly Market Summary: Records Are Breaking As Bitcoin Stuck Above $7000

    Weekly Market Summary: Records Are Breaking As Bitcoin Stuck Above $7000

    Crypto Price Analysis & Overview December 6th: Bitcoin, Ethereum, Ripple, Raven, and Matic

    Crypto Price Analysis & Overview December 6th: Bitcoin, Ethereum, Ripple, Raven, and Matic

    Turn Of Events: General Manager of BIS Urges Central Banks To Embrace Digital Money

    Turn Of Events: General Manager of BIS Urges Central Banks To Embrace Digital Money

    Is Binance Bidding For Lichtenstein Union Bank? Binance CFO Denies

    Is Binance Bidding For Lichtenstein Union Bank? Binance CFO Denies

    HODLing Millennials: Bitcoin Trust (GBTC) Leading Schwab’s Generation-Y Retirement Equity Holdings

    HODLing Millennials: Bitcoin Trust (GBTC) Leading Schwab’s Generation-Y Retirement Equity Holdings

    Bitcoin Price Analysis: BTC to $6000 Or $8000? Bulls Vs. Bears War Continues

    Bitcoin Price Analysis: BTC to $6000 Or $8000? Bulls Vs. Bears War Continues

    Enjin (ENJ) Surges 60% Following Partnership With Microsoft

    Enjin (ENJ) Surges 60% Following Partnership With Microsoft


    Bitcoin Bitcoin Price BTC

    About The Author

    Yuval Gov View more posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

    Join Our Community

    • Facebook

    • Twitter

    • YouTube

    • Telegram


    CloudBet
    Bitcoin Editorials
    Anthony Pompliano: Bitcoin Price At $100,000 By December 2021 (Exclusive Pomp Interview)

    Anthony Pompliano: Bitcoin Price At $100,000 By December 2021 (Exclusive Pomp Interview)

    Dec 8, 2019
    What Are Bitcoin Price Gaps? How Can They Affect The Price?

    What Are Bitcoin Price Gaps? How Can They Affect The Price?

    Dec 8, 2019
    Bitcoin Price is Likely To Re-Test $4,400 Before Turning Bullish Again, Prominent Analyst Explains

    Bitcoin Price is Likely To Re-Test $4,400 Before Turning Bullish Again, Prominent Analyst Explains

    Dec 7, 2019
     2 Years Since the Bitcoin Bubble: How Easy is it to Buy Cryptocurrencies Compared to 2017? 

     2 Years Since the Bitcoin Bubble: How Easy is it to Buy Cryptocurrencies Compared to 2017? 

    Nov 20, 2019
    Become a CryptoPotato VIP

    Receive our market updates and crypto trading tips and news by email (We hate spam, and send max of 1 weekly mail):


    Recent Posts
    • Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment

      Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment

      Dec 9, 2019
    • Ripple Price Analysis: XRP Goes Back Up To $0.23, Can Christmas Come Earlier?

      Ripple Price Analysis: XRP Goes Back Up To $0.23, Can Christmas Come Earlier?

      Dec 9, 2019
    • Bakkt Launches The First CFTC-Regulated Option on Bitcoin And Cash-Settled Futures

      Bakkt Launches The First CFTC-Regulated Option on Bitcoin And Cash-Settled Futures

      Dec 9, 2019
    • Ethereum Price Analysis: ETH Claims $150 But Can It Go Any Higher?

      Ethereum Price Analysis: ETH Claims $150 But Can It Go Any Higher?

      Dec 9, 2019
    • Bitcoin Trading Volume in Argentina Hits New ATH As The President-Elect Announced New Cabinet

      Bitcoin Trading Volume in Argentina Hits New ATH As The President-Elect Announced New Cabinet

      Dec 9, 2019
    Become a CryptoPotato VIP
    Receive our special crypto tips and news by email: We hate spam, and send max of 1 weekly mail
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Scholarship
    Cannabis Stock News
    Stock Analysis & Overview
    Terms of service | Privacy Policy | GDPR
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright Cryptopotato Team 2016
    Scroll to top