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Bitcoin (BTC) Price Analysis for November 8

Has the long-term correction of Bitcoin (BTC) started yet?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

On the last day of the week, the situation has completely changed on the cryptocurrency market. All coins from the Top 10 list are in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

As the rates of the altcoins have gone down more than that of Bitcoin (BTC), the dominance rate of the leading crypto has risen and now makes up 64.2%.

BTC’s market share
BTC’s market share

The relevant data of Bitcoin today:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $282,826,864,367

  • Price: $15,257.15

  • Volume (24h): $35,626,209,205

  • Change (24h): -1.65%

The data is relevant at press time.

BTC/USD: Can bulls recover the rate of Bitcoin to $16,000?

On the hourly chart, Bitcoin (BTC) has successfully bounced off the support at $14,400. The price blast was supported by a huge trading volume, which means that bulls have the potential to continue the rise.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

However, the low liquidity is the obstacle on the way to new peaks, which means that buyers' power is not enough to update the previous high of $16,000. In this case, the more likely scenario is growth to the closest resistance at $15,778.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, bulls' power is coming to an end, as the price of Bitcoin (BTC) has been growing for a long time without a significant correction.

👉 MUST READ BTC, ETH and XRP Price Analysis for November 6related article image

The resistance line of the Bollinger Bands indicator is going down, which means that buyers have low chances to update the heights without a short-term decline. If that happens, the first stop is around $14,100.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the main crypto is about to face a more profound drop if bulls want to keep the ongoing rise. The decreasing liquidity and trading volume support such a move. From the technical perspective, the drop may continue to the vital support around $12,500, where bulls might seize the initiative.

Bitcoin is trading at $15,165 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com