In this blog we provide a simple and specific update of Price actions of several coins based on technical analysis. Technical Analysis is not the only method to predict the next movement of the price; news and fundamental analysis combined can lead to a more accurate prediction.
Please remember that this is not a financial advice, trade wisely, plan your trades and set your stoploss.
Bitcoin’s Price Action
On November 8th, around 16:00 UCT, Bitcoin broke out of the triangle shown in our chart, considered as a bullish movement to retest previous high of 15950$, although the MACD indicator still shows a bearish movement, but the price was able to reach 15850$ and failed to get higher. Bitcoin previously made a healthy correction of approximately 10% falling back to 14300$ range level as predicted in our previous article which I will leave the link below.
Today, there is two major support lines to watch, the first support is around 15058$, the second support line is the 40 EMA around 14856$. But as Bitcoin retraced properly as shown on the Fib Retracement, Bitcoin right now stays in a bullish trend, and could retrace to 0.382 levels of 14901$ without changing the general trend of the market.
If Bitcoin holds 15058$ levels, it is predicted to bounce back above 15400$ and range between 15300-15500$. Failing to hold the support lines is an indicator that we will see a dump on the market soon. If your are planning to enter a long position, please enter after confirmation of the MACD indicator on several time frames starting from 30minutes up to 4 hours.
Thanks for your attention, we would appreciate a follow, a like, a comment of your own prediction and opinion and a tip.
Crypto Army
