Bitcoin climbed above the $9,000 mark on Sunday, November 10 and ended the session at $9,029 with a 2.5 percent increase for the day. Still, it was 1.9 percent down on a weekly basis.
The most popular cryptocurrency opened trading on Monday, November 11 with a huge red candle on the daily chart after bulls were once again rejected around the above-mentioned critical level. The BTC/USD pair erased 3.5 percent of its value and stopped at $8,718.
It entered a downtrend on November 4 and we were already looking at the 50% Fibonacci ($8,465) as the next support zone.
On Tuesday, November 12, the coin was trading as low as $8,555 during intraday but managed to close with a slight increase to $8,809.
Bulls returned to losing ways in the mid-week session on November 13 when BTC dropped further to $8,749.
We are obviously in a downward channel, still, I'm bearish to neutral in the short-term given the current setup. We already saw BTC trading in a similar way in the $8,500-$9,000 zones before.
The 50% Fibonacci level is still in place as we expect a further drop to mid $8k levels and consolidation before going up.
The most popular cryptocurrency opened trading on Monday, November 11 with a huge red candle on the daily chart after bulls were once again rejected around the above-mentioned critical level. The BTC/USD pair erased 3.5 percent of its value and stopped at $8,718.
It entered a downtrend on November 4 and we were already looking at the 50% Fibonacci ($8,465) as the next support zone.
On Tuesday, November 12, the coin was trading as low as $8,555 during intraday but managed to close with a slight increase to $8,809.
Bulls returned to losing ways in the mid-week session on November 13 when BTC dropped further to $8,749.
We are obviously in a downward channel, still, I'm bearish to neutral in the short-term given the current setup. We already saw BTC trading in a similar way in the $8,500-$9,000 zones before.
The 50% Fibonacci level is still in place as we expect a further drop to mid $8k levels and consolidation before going up.