|BTC Price: $9,207
Last 7 Days: -2.49% 1month: +13.61% 12months: +43.71%
In the last week, there was a much slower and steadier decline in bitcoin below the $8,450 support. More importantly the BTC price also traded below the support areas of $8,220. Finally, it spiked below the key mark of $8,000, but remained well above the 100 simple moving average of 4 hours with a swing low forming near $7,955. From here, there was a break above the $8,110 and $8,220 resistance levels to start a strong bull push and positive increase in trend. This allowed for a break above a key contracting triangle with resistance near $9,235 on the 4-hours chart of the BTC/USD pair. If the bulls keep pushing at these levels we could see the price rise towards the $9,500 and $9,660. Besides, the main resistance is near the $9,770 level and this represents the 50% Fib retracement level of the downward move from the $10,584 high to $8,960 low. On the downside, there are many support levels which are placed between $9,200 and $8,960. If there is a bearish push below the $8,960 swing low, there are chances of a sharp decline. The next key support for the bulls and bears to play with is near $8,600. Therefore, the $8,500 and $8,600 support levels are likely to play an important role for the next key trend change for bitcoin if it gets down there. As long as the price is above the $8,510 support, there are chances of a fresh increase above the $9,500 level in the near term.
28th October: $30,948,255,332 (BTC Price of $9,256)
4th November: $20,631,872,671 (BTC Price of $9,237)
33% decrease in trading volume in the last 7 days