Bitcoin’s Nearest Potential Buying Zones Can Provide Trend Reversals, Will Parabolic Trendline Visit Spark Price Movement?

By Emma 11/19/19 11:03 AM

A lively debate about whether the current price movement of Bitcoin is up or down is taking place. While short- and medium-term price movements may remain unpredictable, long-term calculations indicate that Bitcoin’s price could eventually reach $ 1 million.

The Bitcoin price has been falling since October 25. It is approaching two major support areas that can succeed in price reversals. Crypto trader Credible Crypto tweets that Bitcoin’s price has almost reached its second-largest buying zone at $ 8000- $ 8300. After the Bitcoin price failed to bounce at $ 8600, this is the nearest area that can provide a trend reversal.

Has Bitcoin bottomed yet?

Bitcoin is currently not too far from the bottom. BTC found some supports, although the price could fall as low as “$ 8060 but I doubt it will drop further”, claimed the popular trader Nik Patel, who publishes regular reports.

However, he also noted that “we will get higher-timeframe ranges until the end of the year.”

I think we’re not far off the bottom for this leg in $BTC.

Discussed $8300 as a likely area for price to find support in the Market Outlook in late October… could drop to $8060 but I doubt any further. Thinking we get higher-timeframe range chop until year-end though.

— Nik Patel (@cointradernik) November 17, 2019

Patel’s assertion that Bitcoin is nearing the bottom if it has not been found, comes at a critical moment: analysts believe that a major upheaval is imminent in the cryptocurrency market and Patel asserts that ‘we are not far from the bottom,’ implying that the upheaval could be on the rise.

Bitcoin price analyst

The support of $ 8600- $ 8700 (0.5 Fib) has turned to resistance, as evidenced by the creation of a bearish shooting star. However, in our opinion, the second buying zone can be divided into two more specific buying areas, which are at $ 8000 and $ 8300.

A drop below the $ 8300 area can cause the price to start falling rapidly to $ 8000, shows that the descending wedge has been broken.

Moreover, BTC has made a double bottom at $ 8,400 – combined with long lower wicks, which is characterized by a bullish engulfing candle. Based on the height of the pattern, a breakout from this range will likely take us to $ 8,700.

BTC price today. Source: Coinmarketcap

Will parabolic trendline visit spark price movement when Bitcoin finds robust support in lower-$8,000 regions?

At the press time, Bitcoin is dropping nearly 5% and trading at $ 8109, marking a sharp decline from the daily high of $ 8,700 and up slightly from the daily low of about $ 8,000 that occurred in a quick sell-off occurred early today.

Strong buying pressure at $ 8,000 is a bullish sign for Bitcoin, as many analysts have previously noted that BTC will likely touch the $ 7,000 area before finding enough buying pressure to create a noticeable rebound.

The popular crypto analyst on Twitter, Mr. Anderson, tweets that he believes multiple technical indicators signal that BTC is gearing up for a massive movement.

“It’s time for some fun. Weekly testing a parabolic Trendline that has created ‘3’ explosive reactions thus far. Daily Stoch saw a sub 10 reading (rare). Daily RSI testing support. Who’s ready?”

$BTC

It’s time for some fun

Weekly testing a parabolic Trendline that has created “3” explosive reactions thus far

Daily Stoch saw a sub 10 reading (rare)

Daily RSI testing support

Who’s ready? pic.twitter.com/PrgXTUx711

— Mr. Anderson (@TrueCrypto28) November 19, 2019

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie