RATE Group | Bitcoin (BTC) Price Positioning For Breakout or Further Decline?
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Bitcoin (BTC) Price Positioning For Breakout or Further Decline?

07 Nov Bitcoin (BTC) Price Positioning For Breakout or Further Decline?

Posted at 07:32h in Bitcoin News by

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  • Bitcoin price is declining and it is trading below the key $9,400 resistance against the US Dollar.
  • The price is likely to find a strong buying interest above the $9,200 support area.
  • There is a key contracting triangle pattern forming with resistance near $9,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A clear break above the $9,360 and $9,400 levels is needed for more upsides in the near term.

Bitcoin price is struggling to continue higher against the US Dollar. BTC price remains at a risk of more downsides if it fails to stay above the $9,200 support area.

Bitcoin Price Analysis

In the past three sessions, there was a steady decline in bitcoin below the $9,400 pivot level against the US Dollar. BTC is facing an increase in selling interest below $9,375, but it is still holding the 100 hourly simple moving average.

The last swing high was near $9,440 before the price declined towards the $9,200 support area. The recent low was $9,257 and the price is currently…

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