BTC 09.11.2019 -Sellers in control, downward target set at $9,350

Industry news:

The intraday polarity in the bias of Gold and Bitcoin showed an uneasiness of investors towards putting money in the latter. Morgan Creek Capital co-founder & partner Anthony Pompliano in June projected monetary easing policies as breeding grounds for bitcoin bulls, stating that a drop in the value of fiat currencies would create demand for non-sovereign assets/currencies like bitcoin. Meanwhile, noted economist Alex Kruger said that only speculators – for now – can drive the price of bitcoin higher, not institutional investors..

Technical view:

Bitcoin did exactly what I expected yesterday and our downward target is still expected at the price of $9.350

Pink lines – Larger symmetrical triangle in play

Black lines – Channel

Green falling line – Expected path

Most recently, I found that there is first lower high and lower low on 4H time-frame, which is indication that short-term down trend is gaining power . There is also rejection of the middle Bollinger band, which adds more potential downside. I still expect potential new wave down for potential fulfill of the lower symmetrical triangle boundary.. Key support is at $9.350 and resistance at $11.000 and $11.200. Bulls need to be very cautious as there is strong aggressive selling from the key resistance. As long as the Bitcoin is trading below $11.200, The level around $10,000 looks like a decent sell zone if you already don’t have sell on Bitcoin.

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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