RATE Group | Bitcoin (BTC) Price Showing Signs Of Bearish Continuation
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Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

08 Nov Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

Posted at 08:05h in Bitcoin News by

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  • Bitcoin price is struggling to rebound and declining below the $9,300 support against the US Dollar.
  • The price is likely to accelerate decline if it breaks the $9,120 support area.
  • There is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Similarly, there were bearish moves in Ethereum and ripple in the past three sessions.

Bitcoin price is showing bearish signs below $9,300 and $9,240 against the US Dollar. BTC price could accelerate losses if it continues to struggle below $9,300.

Bitcoin Price Analysis

In the past few hours, there was a steady decline in bitcoin from the $9,440 high against the US Dollar. The last swing high was near $9,374 before the price declined below the $9,300 support area.

Moreover, there was a close below the $9,300 support and the 100 hourly simple moving average. Finally, the price spiked below the $9,120 support area and traded as low as $9,084.

It is currently correcting higher…

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