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14 Nov 2019
2 min read

Bitcoin Price Weekly Update

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Written by OspreyFX News Team

Bitcoin Price Weekly Update Talking Points:

  • The “king of cryptocurrency” started the week lingering around the $8,600 Mark
  • Still showing possible bearish signs for the end of the week.

Bitcoin price weekly update: Currently supported by the 200-4H SMA

The “king of cryptocurrency” started the week hovering at a strong support level around $8,633.29. Coinciding with the 200 SMA at the 4H chart. On Tuesday, there was a positive tone dominating the BTC across the board, but it was far from reaching new highs.

The current movements are part of a narrow range established at the end of October. Clearance is pending in the coming days, according to the current time frame. Moreover, Bitcoin still fails to reach the strength seen in the demand zone of around $7,761.78. Which acted as a strong barrier to block the bears’ advance.

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Bullish signal still alive in Bitcoin

There is an ongoing golden cross of the moving averages, which helps to boost the overall bullish stance and supports the idea of further gains in the BTC/USD pair. If it manages to rebound at the current stage, it’s expected to reach the next resistance level of $9,351.89.

A breakout above such an area will open the doors to test the $9,775.93 zone. Which has been capping the bulls’ advance in the short-term and keeps the bullish trend that started in October’s lows. Beyond that area, Bitcoin could target the $10,411 handle, a move that should help the cryptocurrency reach new multi-month highs.

After clearing that level, all eyes will focus on the $10,900.53 zone. That area acted as a strong barrier to the upside in September.

Will the demand zone be tested once again?

On the downside path, as previously mentioned, BTC is being supported by the 200 SMA. It could act as a dynamic support. However, once it gives up in favour of the bears, the cryptocurrency could plummet towards the $8,000 psychological level.

Below such a region, Bitcoin will look for October’s lows of around $7,377.97. Where the mentioned demand zone is located.

In terms of technical oscillators, RSI stays in the negative territory. Favouring the negative tone, while Momentum keeps its neutral stance in the 4H chart.