After a long period of side trading around $ 8700, bitcoin has been heavily pressured by sellers, which drove him to the next support level of $ 8400.
Analysts note that this recent fall can awaken the bulls, which will allow the main cryptocurrency to gain a much-needed upward momentum.
At the time of this writing, BTC was trading with a decrease of more than 2% at a price of $ 8500, indicating a slight increase from daily lows of less than $ 8400 reached last morning.</p>
This price action marked the endextended lateral growth period at the level of $ 8700, which became the level of support after breaking beyond the previously formed trading range between $ 9000 and $ 9500.
Despite the current bullish trend, some analysts believe that cryptocurrency will soon show some growth.
Cryptomist, a popular cryptanalyst on Twitter, wrote in her latest tweet that, in her opinion, RSI BTC indicates an inevitable breakthrough up:
“I'm not too focused on the falling wedge, I'm more interested in the RSI pennant. I believe this RSI will explode! The bulls are already nearby ”“She said, referring to the schedule.
I am not all tooo focused on the falling wedge, but more on the RSI pennant
I believe this RSI breaks up!
Could be little more downside before a breakup!
Bulls round the corner imo ☺️ pic.twitter.com/feKGMGwj6I
- The Cryptomist (@TheCryptomist) November 15, 2019
Despite the fact that Cryptomist believes that the RSI pennant of bitcoin indicates the inevitable revenge of the bulls, other analysts point to further losses.
Popular cryptocurrency analyst Johnny Moe argued for a down move.
Rip. $ BTC pic.twitter.com/tFCirg1Lp5
- Jonny Moe (@JonnyMoeTrades) November 15, 2019
The days ahead will give us an answer regarding the downward movement, but we cannot but agree that in the long term, cryptocurrency will only strengthen in value.</p>