After the price movements from a dip last month from October 24 $7,300 TO $10,420 now it turns back to a support position of $8,000. If this would continue and break the support it continues to fall under $7.800. Even if the bitcoin price drives deeper below, there's a possibility of a golden cross.
Golden Cross is a moving short term average crosses above the long term moving average but it's a bullish chart pattern. Whereas must consider hitting the double bottom below the bullish movement. But be careful since the opposite of Golden Cross the Death Cross, whereas the short term moving average crosses below the long term moving average and the TA's keep saying it will fall continue to bearish movements.
Based on our research Bitcoin now has a lack of positive developments from the last news from Chinese President Xi Jinping. That's why it continues to declines the bitcoin price. TA's are now testing the support of $8,000.
The market had dropped almost 3.03 percent as of today's average. Those holders keep saying that this would be the best time to buy and this is the stable price of this week.
As well the selling volume has also risen to its highest in three days.
The bulls need to enter back into the fray in force to bring back the price above $9,000.
If there's no movement it will continue to fall under $7,500 and will reach the $7,400 again. But we will see what will happen few days from now.
Always put stop loss to manage your risk.
Remember: TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. The trader must be able to manage risk.
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.