Bitcoin’s Do or Die Moment is Here: BTC/USD Chart Analysis Touches on the Moment of Truth
- There is no more “almost” now, bears feeling euphoric
- Traders expecting Bitcoin to fall to as low as $7,100 level
- The first phase of alt season has started says a trader
Yesterday, in a sudden bout of a surge, Bitcoin jumped above $9,125 level. But that didn’t last long. Today, we were back on the decline, going to $8,593.
At the time of writing, Bitcoin has been trading at $8,734 with 24 hours loss of 3.41%, as per Coincodex.
Trading volume meanwhile on top ten spot exchanges with real volume is at just $273 million. However, Bakkt continues to see increasing levels of volume. Today till now, 1,168 BTC has been traded on the platform, moving yet again closer to its latest ATH at 1,741 BTC hit on Nov. 8.
∙ Today's volume so far: 1018 BTC ($8,899,865)
∙ Last traded price: $8,743
∙ Trading day progress: 34%
∙ Current daily Bakktarget™: 2031 BTC ($17,758,622)
— Bakkt Volume Bot (@BakktBot) November 11, 2019
So, Where are we Going Next?
With the latest drop in price, Bitcoin has completed the 61.8% retracement which cryptocurrency trader Scott Melker says means there is no more “almost.”
“Bulls would hate to see that support line fail. Bears feeling euphoric, high on the BART. What a time to be alive” said Melker.
— Crypto Rand (@crypto_rand) November 11, 2019
If Bitcoin does breaks down below $8,400 or $8,200, TraderX0X0 sees the leading cryptocurrency falling to below $7,500 level.
But analyst the Cryptomist is expecting an even bigger drop. A breakout she said would occur around $9,150 to $9,200 before Bitcoin start descends towards a larger falling wedge with support present at $7,100 region.
“We have small falling wedge intact within larger one. I feel we breakout this one not later than a 1 week time,” she said.
Bulls will run riot when this sym triangle breaks up! pic.twitter.com/vYnR2aMHeT
— The Cryptomist (@TheCryptomist) November 11, 2019
What does it Mean for Altcoins?
Following Bitcoin, altcoins have also turned red. Among the top cryptocurrency, EOS is the biggest loser with 4.04% losses.
However, when we take a look at the altcoins price change in BTC, green seems to be dominating the chart. BTC dominance is also down at 68.3%.
According to trader CryptoWolf, the first phase of alt season has started as altcoins have increased against BTC. He hashtagged a series of cryptos viz. ETH, ATOM, Elrond, Matic, BNB, HOT, DOGE, VET, REP, and REN.
He further said if an altcoin isn't following this trend, then that’s the wrong altcoin you are invested in.