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Bitcoin {BTC} price prediction for November 2019; CBDC in China hasn’t past the testing phase yet

Bitcoin

According to the candlestick chart linked with the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], this top-ranked project has failed to escape from the clutches of bears today. Although a slight recovery is anticipated, fresh buyers are desperately needed for further growth beyond $10,000. In the aftermath of 6th November, the peaks tied to the Awesome Oscillator have consistently possessed the brown shade and may land underneath the zero line by the end of this week.

For the past 5 days, the gap between the MACD line and the signal line has increased. As bearish pressure rises, the crimson histogram lying below the zero line will keep progressing, unless a trend change occurs. The daily RSI [for 14 periods] sits at 47.37 which can’t be interpreted as good news; this signifies that BTC is marching through the neutral zone and may head towards oversold territory as November draws to a close.

Support can be found near $8593.25, and barriers may be felt adjacent to the $9952.5 mark. Bullish momentum needs to impact the king coin for future gains to crop up.

Bitcoin is positioned at the zenith of the market, to the north of Ethereum as well as XRP. The trading volume recorded stands at roughly $19.52 billion, whereas the supply has 18,044,450 BTC coins in play as of this very moment. The total market cap of the king coin is $158.641 billion. The price dove at a rate of 0.03% in the course of the past 24-hours; this, in turn, caused BTC to descend all the way down to the $8791.71 mark where it currently rests.

The People’s Bank of China has rubbished rumors which claim that the CBDC has been rolled out. Based on responses from official sources, the bank is still involved in “research” associated with cryptocurrencies. Since 2014, the PBoC has been diligently working towards accomplishing the key goal of establishing a Digitized Yuan which will eclipse the U.S. Dollar as the dominant form of currency.

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.