RATE Group | Bitcoin (BTC) Price Sighting Downside Thrust Before Higher?
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Bitcoin (BTC) Price Sighting Downside Thrust Before Higher?

13 Nov Bitcoin (BTC) Price Sighting Downside Thrust Before Higher?

Posted at 14:13h in Bitcoin News by

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  • Bitcoin price is struggling to recover above $8,800 and $8,840 against the US Dollar.
  • The price is slowly moving lower and it is likely to decline sharply below $8,600.
  • Morning’s bearish trend line is active with resistance near $8,775 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • It seems like there could be a nasty decline below $8,600 before the price starts a decent recovery.

Bitcoin price is still trading in a downtrend below $8,800 against the US Dollar. BTC needs to settle above the $8,920 and the 100 hourly SMA to start a recovery.

Bitcoin Price Analysis

In morning, we saw an upside correction in bitcoin from the $8,560 swing low against the US Dollar. However, BTC faced a strong resistance near the $8,800 level and the 100 hourly simple moving average.

There was another decline below the $8,750 level. Moreover, the price broke the 23.6% Fib retracement level of the upward move from the $8,560 low to $8,839 high. The price even broke the $8,720 level, but it…

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