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Bitcoin price movement stale at $8500, dip likely

Bitcoin price movement stale at 8500 dip likely

Bitcoin price is quickly losing the support levels it was enjoying not very long ago, and now the situation is not looking to get any better with year quickly coming to a close.

Increased volatility was experienced 15th November in the Bitcoin (BTC) market. The price of Bitcoin moved in the range of five percent, as the sellers were able to test the price mark of $8500.

In the short time-frame, one can see that after the test of the BTC price, the buyers responded sharply with the USD 8800’s test.

Bitcoin price movement: What to expect?

As the trading volumes seem too small, keeping in mind the significance of the $8300-8500 Bitcoin price zone.

There could be various reasons such as the buyers not finding the price zone interesting, thereby, the drop in prices could continue.

Alternatively, buyers could have been waiting for a power demonstration from the sellers in order to understand if they are adequately exhausted and are able to resist the counter-attacks from the buyers.

bitcoin price chart 17 november 2019Bitcoin price chart by Trading View

While the mid-term timeframe indicates that there is a high probability of yet another attempt of breakthrough $8300-8500. As yesterday’s closure of candle is quite ambiguous; therefore; tests of the price mark $8330 stays a priority.

The mood of the buyers does not seem to deteriorate as of yet, at least it cannot be seen in the marginal positions’ chart.

bitcoin price chart 2 - 17 november 2019Bitcoin price chart by Trading View

Buyers are waiting for the sellers to make a move, while sellers do not seem to be in a hurry to increase their marginal positions drastically.

bitcoin price chart 3 - 17 november 2019

As per the wave analysis, this situation does not change, and at $8330 price, the present wave would be parallel to the fall wave, which began on the 4th of November and ended on the 8th of November.

Featured Image by Elements Envato

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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