Bitcoin waiting for the Golden Cross?

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.




#Trend Analysis


#Chart Patterns


#Wave Analysis




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COMMENT

30

preview not available Dotun Awosika
19 Nov

Well, IMO, I see bitcoin uptrennding after it reaches its bottom below the 7500 USD.

21

preview not available EngrSamest .
19 Nov

Great analysis! Hope to see bitcoin activate the bull run before the end of the year and end the year with huge money bag. Lol

24

Shadda 🇵🇰
19 Nov

Now whole condition are pointing towards bearish trend for short time. But future looks bright

23

preview not available Hafsa M
20 Nov

bitcoin will down more before 2020 and will up in 2020. 

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