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Bitcoin (BTC) Price Forecast: Looking to Fill the Gap

Bitcoin (BTC) Price Forecast: Looking to Fill the Gap

2019-11-08 09:29:00
Nick Cawley, Strategist
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Bitcoin (BTC) Price Forecast, Analysis and Chart:

  • Supportive 200-dma under threat.
  • Bitcoin looking to fill the gap.

If you are interested in trading the cryptocurrency market, we have produced aDay Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

Bitcoin Price Outlook

Bitcoin is testing its recent lows as a range of technical indicators begin to weigh on the cryptocurrency. The recently supportive 200-day moving average is now under threat and a close below here – currently at $9,183 – would produce a short-term negative signal. The price is also pushing back through a cluster of recent lows and a break and close below the October 26 low at $8,890 would be another bearish sign.

This October 26 low is also important as it is part of a gap on the chart between the October 25 high at $8.870 and the previously mentioned October 26 low at $8,890. For Bitcoin to turn bullish again, this gap needs to be filled. One mildly bullish signal comes from the 20-dma crossing above the 50-dma, indicating short-term bullish momentum.

If Bitcoin does turn lower, then a re-test of the October 23 multi-month low at $7,300 may occur although with pockets of support all the way down, this low may prove to difficult to achieve. A break above the 200-dma leaves a retrace back to $9,930 as the first target.

Bitcoin (BTC) Daily Price Chart (June – November 8, 2019)

Bitcoin (BTC) Price Forecast: Looking to Fill the Gap

IG Client Sentiment shows that how traders are positioned in a wide range of assets and markets. Retail customers are 80% net-long Bitcoin, a bearish contrarian bias. However, recent daily and weekly positional shifts give us a bullish outlook.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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