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Bitcoin {BTC} bounces back; price prediction for November 2019


In accordance with the candlestick chart connected to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], this top-ranked digital currency is being influenced by buyers as of this very moment. However, it looks like Bitcoin has entered a period of consolidation [post-26th October]. The daily RSI sits at 58.68 which signifies that BTC ain’t too far away from the overbought territory.

In the aftermath of 30th October, the peaks tied to the Awesome Oscillator had all possessed the brown shade, which points towards the dawn of bearish momentum that has occasionally impacted the coin since then. Similarly, from 30th October onwards, the MACD line has dropped gradually, venturing closer to the signal line with every passing day, thereby ensuring that the green histogram adopts a faded appearance.

Key support lies adjacent to the $7309 mark, and resistance may play a major role at $9948.88 once appropriate recovery occurs. On the other hand, I don’t expect Bitcoin to rebound effectively without the involvement of fresh buyers. Let’s hope for a splendid bull-run that might benefit altcoins too.

Bitcoin is positioned at #1 to the north of Ethereum in the market, with a dominance rate of 67.4% associated with it. In the course of the past 24-hours, the price rose at a rate of 1.4% which, in turn, helped BTC climb all the way up to the $9276.87 mark where it currently holds. The trading volume recorded stands at approximately $23.889 billion, while the supply has 18,025,000 BTC coins in play as part of circulation. The total market cap of Bitcoin amounts to $167.215 billion for now.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.