- BTC trades at $8,810.22 after having dipped to $8,661.00
- Bitcoin takes a downward directional stride
- BTC price records an over 5% fall from trading above $9,200 to mark the lowest at $8,600
Bitcoin falls below $9,000, gaining support from 30-DAY EMA after having faced the dip at $8,600, which is around 30-day SMA and 200-day EMA. While the 200-day SMA was providing ground support at $9,200, BTC price couldn’t hold tight and fell apart to trade below $9,000. This fall below $9,000 was recorded after two weeks of persistent trading above $9,000. All the gains that Bitcoin investment has fetched for the investors all this while is ripped off as currently, it is in the ‘strong selling’ zone.
Bitcoin Price Analysis:
Analyzing the intraday movement of Bitcoin, we see that the coin has plunged by over 5% on Friday. As such, this was an anticipated fall to a major extent, as all the technical drivers pointed out towards consolidating major supports below $9,000. The price has slid as low as $8,661.00 as per the data feed from Kraken. Important to note that the 24h trading volume has not been affected by the falling price, but the market cap has seen a steep fall to currently being marked at $159,522,737,424.
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It is nearly an end to the ongoing year 2019, and BTC has been through a lot of rough patches, not to forget the peak it achieved at $13,000. However, as per BTC forecast, you can find more details about the recent price drops that have triggered a lot of Bitcoin loyalists and lovers to take careful trade decisions in order to gain profits towards the closing of the year.
Technical Indicators:
Bitcoin slides below almost all the major and short-term moving averages after having range-bound trading for quite a long time. BTC price has rightly tested major support around the 5-day SMA and 10-day EMA.
The MACD of the coin is running bearish and inclined to zero.
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The RSI of the coin is currently lifted from the oversold region and is now at 50, showing no extremities.
