BTCUSD Finding Support at $8,740.00

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Written By: Angeline Feliciano

Nov 13, 2019, 08:31 GMT 08:31

Bitcoin price

Summary:

Not even Bitcoin has been spared from the strength of the US dollar. Could we soon see the cryptocurrency trade to its October lows at $7,400?

Bitcoin broke to the downside of the rectangle it had been trading since the last week of October. BTCUSD was trading above $9,000.00 until last week. Now, the cryptocurrency is finding bids at the 200 SMA around $8,740.00 where it previously found resistance in October 10.

The cryptocurrency has been spared from the dollar’s strength. In fact, downward pressure on BTCUSD continue despite crypto company Bakkt announced that it would offer custody services institutional clients after it had been given the green light the New York Department of Financial Services (NYDFS). This news is generally viewed as progress towards becoming a mainstream currency. It resulted to an uptick in volume in the Bitcoin futures markets but it did very little to the cryptocurency’s current price.

Not even news about China-based retailer, Alibaba, partnering with bitcoin for its app could keep the cryptocurrency from sliding down the charts.

Bitcoin Outlook

More selling pressure could push Bitcoin down to its next support level just below $8,000.00 around $7,790.00 where it previously established lows in September 26, September 30, and October 7. A break below that level could send BTCUSD further down to its October 24 lows at $7,400.00

On the other hand, should bitcoin bulls re-enter the market, we could see BTCUSD retest its October 27 high at $10,353.09.Download our latest quarterly market outlook for our longer-term trade ideas.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.