June 18, 2024

Bitcoin price analysis on 11/09/2019

Bitcoin price analysis on 11/09/2019

Bitcoin price has retreated to a very important support level. If the bears can push him through, then maybedecline to the area of ​​7950.00 USD.

BTC / USDBitcoin price analysis on 11/09/2019

Yesterday morning sellers gradually increasedpressure and the price of BTC sank to the support of 8900.00 USD, which we talked about at the beginning of the week. After the rebound, the bears increased pressure, and the pair broke through the support of 8900.00 USD. 

The decline was stopped by the daily EMA200 at the low point of 8661.00 USD.  

Bitcoin price analysis on 11/09/2019

Over the night, the couple tried to recover to level8900.00 USD, but the probability of gaining a foothold above it is quite small. If sellers sell support for the daily EMA200, then the decline will continue to the area of ​​8500.00 USD.

Level “eight and a half” worked out quite often asresistance, not support. Perhaps he will not be able to keep the price in consolidation for a long time. If the bears manage to sell it in the medium term, the most likely area of ​​consolidation may be the POC line (7954.06 USD) of the Volume Profile indicator.

* All price values ​​are based on data from the BitStamp exchange