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Bitcoin {BTC} price analysis for November 2019; Bloomberg expects a noticeable drop

Bitcoin

Bloomberg tends to focus on financial assets across the globe. They have predicted that a drop may ensue in the coming days; thereby causing the value of BTC to fall. Check this out, ladies and gentlemen:

This analysis has attracted criticism from BTC enthusiasts on Twitter.

Bitcoin is positioned at #1 in the market with a dominance rate of 66.8% associated with it. The trading volume recorded stands at approximately $26.37 billion, while the supply has 18,031,887 BTC coins involved as part of circulation. For now, BTC is priced at $9354.62. Bitcoin declined at a rate of 0.49% in the course of the past 24-hours. As of this instant, the total market cap of Bitcoin amounts to $168.681 billion.

According to the candlestick chart connected with the BTC/USD pair on tradingview [based on data obtained from the Bistamp Exchange], this top-ranked digital currency is being affected by sellers. From 31st October onwards, the peaks tied to the Awesome Oscillator all possessed the brown shade, which points towards the arrival of bearish forces that have subsequently impacted Bitcoin’s performance.

The daily RSI [for 14 periods] has remained constant [with slight instances of fluctuations] and currently sits at 58.73. This signifies that BTC is advancing through the neutral zone. Similarly, in the aftermath of 29th October, the MACD line has gradually drawn nearer to the signal line, thereby causing the emerald histogram to decrease and appear faded. A switch may be expected by the dawn of the following week.

Key support lies adjacent to $7324.5, and resistance may play a crucial role at the $9572.95 mark.

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.