Bitcoin Price Prediction: BTC/USD Is down Profusely as the Price Couldn’t Stay Above $8,500

Bitcoin (BTC) Price Prediction – November 15

The Bitcoin (BTC) is likely to suffer more losses as it looks like the downside target of $8,000 is still in sight.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $9,200, $9,400, $9,600

Support Levels: $8,000, $7, 800, $7,600

This week, we saw a significant drop in the price of Bitcoin, lower than the $8,500 support against the US dollar. The BTC/USD pair found support close to $8,400 and corrected higher today. The coin climbed above the $8,700 level but struggled to gain ground above the 9-day and 21-day moving averages where a peak was formed.

However, as a result of this, the price of Bitcoin began to fall further below the support level of $8,500 around the lower boundary of the channel. As long as BTC stays above the support level of $8,500, a correction towards $8,800 is possible and after hitting it, the price may likely visit the next resistance levels at $9,200, $9,400 and $9,600.

Conversely, if there is no recovery above the support level of $8,500, the price may continue to fall to support levels of $8,000, $7,800 and $7,600. Meanwhile, the technical picture looks bearish as RSI (14) faces level 40 pointing downwards, which indicates that the sell-off may continue.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-Hour chart, the bears have now dominated the market by pushing the BTC/USD price below its support level that existed around $8,400. Although, the Bitcoin price has not yet slipped below $8,400 and it’s still in the loop of making a bounce back. Currently, the price of Bitcoin hovers around $8,458.01 and may take time to persistently trade above $8,500.

Furthermore, BTC/USD is currently moving below the 9-day and 21-day moving averages and any upward movement may likely push the price near the resistance levels of  $8,600, $8,800 and $9,000 while the immediate support levels lie at $8,300, $8,100 and $7,900. The MACD is sitting comfortably in the negative region while the decreasing negative divergence suggests that the bears are gaining traction.

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