RATE Group | Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K
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Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K

14 Nov Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K

Posted at 06:35h in Bitcoin News by

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  • Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar.
  • The price is likely to continue lower below the $8,640 and $8,600 support levels.
  • There is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bears remain in control unless the price climbs above $8,880 and $9,000.

Bitcoin price is under a lot of pressure below $8,880 against the US Dollar. BTC could decline significantly if it breaks the $8,640 and $8,600 support levels.

Bitcoin Price Analysis

Yesterday, we saw a couple of bearish patterns for bitcoin below the $8,880 resistance against the US Dollar. BTC remained in a bearish zone below the $8,800 level and the 100 hourly simple moving average.

The last rejection was near the $8,780 level and the 100 hourly SMA. A high was formed near $8,784 before the price declined below $8,700. Moreover, the price traded below $8,680 and it is currently testing the $8,640…

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