Bitcoin Price Drops 5% to $8,360, Altcoins Turn Even Deeper Red
- Every time frame under monthly looks ugly for Bitcoin
- Bitcoin needs to see a green wick
- Bitcoin price takes a drop.
Today, the leading cryptocurrency dropped almost 5% as it went from $8,800 to as low as $8,363 on Bitstamp.
At the time of writing, BTC has been trading at $8,747, as per Coincodex while managing the daily trading volume of $335.5 million.
Every Time Frame Under Monthly Looks Ugly
Bitcoin might have hit $8,350 but this move has been expected for a few weeks now, ever since Bitcoin shot up 42% in late Oct.
Today bitcoin bounced off $8,370s, an area that acted as resistance during the previous range. According to trader Josh Rager, this area needs to hold.
If BTC makes a weekly close below $8,235, Rager says it would “lead to more downside.”
“Currently, every time frame under monthly looks ugly,” he added.
Similar sentiments are shared by analyst Don Alt who says we just need to “wick back up” now, for things to turn good. But if it doesn’t and we start closing below, “8.2-8.3k bias has to flip bearish.”
Analyst Galaxy is seeing a drop below $8,200 but according to him, it won't be coming before Bitcoin makes a few fakeouts.
The analyst sees Bitcoin surging yet again to above $9,200 that will turn everyone bullish but only to make a U-turn and go below $8k. But it won’t be until another pump that Bitcoin will drop to under $8,200.
This is where he sees the Crypto Twitter going back to making $2k calls but Bitcoin will yet again make a flip and shoot up.
— Galaxy (@galaxyBTC) November 15, 2019
However, as we reported, November has been historically a bullish month for Bitcoin. Also, the SFOX Multi-Factor Market Index has turned “mildly bullish” as of Nov. 11, which was set at neutral a month ago.
Altcoins Fall Harder but Verge & Decred Emerge as Winners
Meanwhile, altcoins are falling even harder. All the positive movements seen in the past few days have turned negative as top altcoins lose between 2 to 5%.
However, a few digital assets are enjoying the gains as well.
Verge is today’s winner with 22.94% gains which is driven by PayPal pulling out of PornHub which has the popular adult site looking for new options. Crypto market is seeing this as an adoption opportunity and XVG is already one of the three cryptos accepted at PornHub.