{"id":242623,"date":"2019-11-18T10:35:24","date_gmt":"2019-11-18T15:35:24","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=242623"},"modified":"2019-11-18T10:35:24","modified_gmt":"2019-11-18T15:35:24","slug":"bitcoin-price-prediction-btc-usd-draws-a-bearish-intersection-tests-support-around-8358","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-usd-draws-a-bearish-intersection-tests-support-around-8358","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Draws a Bearish Intersection; Tests Support Around $8,358"},"content":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 November 18<\/strong><\/p>\n

BTC\/USD is showing signs of more losses below $8,500 and the price could drop towards $8,200 before a decent increase in the near term.<\/p>\n

BTC\/USD Long-term Trend: Bearish (Daily Chart)<\/h4>\n

Key levels:<\/p>\n

Resistance Levels: $9,000, $9,200, $9,400<\/p>\n

Support Levels: $7,800, $7, 600, $7,400<\/p>\n

\"\"<\/a>
BTCUSD – Daily Chart<\/figcaption><\/figure>\n

Bitcoin price is extending losses and it recently broke the $8,358 support against the USD. At the moment, the price is currently correcting, but the upsides are likely to be capped by $8,500. Yesterday, the market revealed to us some few bearish signs for BTC\/USD<\/a> below the $8,641 resistance when the coin failed to climb above the $8,700 resistance level but later extended its decline below the $8,500 support level.<\/p>\n

However, looking at the daily chart, it can be seen that the Bitcoin price is going through a period of consolidation and sits at the lower boundary of the Bollinger bands. The daily trading ranges are tight as the pair moves below the 21-day moving averages but the traders remain undecided about the next move.<\/p>\n

Nevertheless, the $8,700 and $8,800 levels may further surface as potential resistance levels should the $8,500 holds. However, a strong bullish spike may likely take the price to $9,000, $9,200 and $9,400 resistance levels. Moreover, if the market keeps following the downtrend, Bitcoin\u2019s price may drop to $8,100 and should this support fails to contain sell-off, the market may further drop to $7,800, $7,600 and critically $7,400.<\/p>\n

The RSI (14) continues to face the 40 level, which shows that the price is under an intense bearish action.<\/p>\n

BTC\/USD Medium-Term Trend: Bearish (4H Chart)<\/h4>\n

Looking at the chart, BTC\/USD is clearly facing a lot of resistance near the $8,500 and $8,600 level. A successful close above the $8,400 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $8,300 support level. If there is a downward move, initial support is near the $8,250 level and the main support is near the $8,150 level, below which there is a risk of another decline towards $8,050.<\/p>\n

\"\"<\/a>
BTCUSD – 4 Hour Chart<\/figcaption><\/figure>\n

Furthermore, if there are more gains, the $8,500 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $8,500 resistance, the next stop for the bulls may perhaps be near the $8,550, $8,650 and $8,750 resistance levels as the RSI (14) is currently sliding below the 40-level.<\/p>\n

Please note:<\/strong> Insidebitcoins.com<\/a> is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 November 18 BTC\/USD is showing signs of more losses below $8,500 and the price could drop towards $8,200 before a […]<\/a><\/div>","protected":false},"author":1742,"featured_media":242624,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,5319,7991,7992],"class_list":["post-242623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitcoin","tag-btc","tag-btcusd","tag-technical-analysis"],"acf":[],"yoast_head":"\nBitcoin Price Prediction: BTC\/USD Draws a Bearish Intersection; Tests Support Around $8,358<\/title>\n<meta name=\"description\" content=\"BTC\/USD is showing signs of more losses below $8,500 and the price could drop towards $8,200 before a decent increase in the near term.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/242623\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Prediction: BTC\/USD Draws a Bearish Intersection; 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