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Bitcoin Price Analysis: Faces Deeper Dive as Bear Cross Confirmed

November 19, 2019 at 8:24 PM | By Jit Sutradhar Markets

Look

  • The lack of positive developments in the crypto and blockchain space has led to fading sentiment and a further fall in the price of this bitcoin.
  • Crossover bear the long-term moving averages of 100 and 200 days (MA) confirmed this BTC latest leg down.
  • BTC looks set to test the 100-period moving average on the weekly chart, now located at $ 7,520.

Bitcoin prices fell more than 4 percent Monday as buyers proved reluctant to engage with the market, probably because the latest suggestion of a new crypto crackdown in China.

At press time on Tuesday, on the crypto world based on market capitalization has dropped further, and fell 3.03 percent on the day. Bitcoin is currently changing hands at $ 8144, according to this CoinDesk Bitcoin Price Index.

Amid a lack of enthusiasm trader, two long-term moving averages – 100 and 200-day – crossing on November 17, shows the change in the long-term trend in favor of the bears.

Daily graph

btcdaily

Source: TradingView

As seen above, the crossover of two averages, where the 100-period moving below the 200-period, does not bode well for this bitcoin prices. Back in early 2018, long-term bear cross saw prices fall by 60 percent.

While the events of the past are not indicative of future results, it raises the question: how far can this value falls Bitcoin?

Weekly graph

btcweekly

Source: TradingView

Further losses will expose the price with 100-period moving average on the weekly chart, now located at $ 7,520.

With the lack of bullish fundamentals, bitcoin is deflated under pressure sellers, as reflected in the daily and weekly RSI (not shown) in the territory of a neutral bearish below 50.00 line.

Sales volume also rose to its highest level in three days, adding to the confidence of the downside move.

Bulls need to re-enter the field to apply if they hope to stem the bleeding, and needs a firm close above $ 9000 to reverse the current trend. For now, that seems a tall order.

Disclosure: The author does not hold cryptocurrency assets at time of writing.

Image via Shutterstock

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