The past week has not been the best one for Bitcoin. The crypto coin lost close to 20% within seven days.
The Only Positive Sign
The bad thing is that it is still not easy to see the end of those strong price declines. But there are still some positive signs seen at the end of it all. The fact that Saturday’s (23rd November 2019) daily candle ended in a green is a positive sign. This happened for the first time after five ugly red candles that the coin had witnessed.
The daily chart has also something to tell about this leading crypto coin. There is a secure area support that is around the price of $7,000 and $6800. On Friday, the coin declined to the mentioned levels. However, it was fast to correct back above the price of $7,000. At the moment, the crypto coin is able at $7164.69.
The CME Futures Trading
The CME Futures trading period is also another thing that people should keep in mind. It seems that BTC respects the price gaps that have been created when the CME was off. This is mostly the weekends. Therefore, there is also a high chance that the price action declined a bit. But the volatility is expected to continue once the CME goes back on again on the morning of 25th November 2019.
The Key Levels To Keep An Eye On
One of the key areas that should be keenly watched are the support and the resistance areas. The first level of support will be around $7,000 and $7,100. However, the coin might even hit between $6700 to $6800 within a very short time. This will happen if there is any breakdown in the price.
It will be remembered that this is the lowest that the coin has ever recorded since the 17th of May. On Friday, the 22nd November 2019, the price was at around $6700 and $6800 – the lowest in a period of four months.
Further Indicators To Watch
The weak support for this could be around $6500. Some market commentators have even stated that the coin might go as low as $6000. In the long bearish year of 2018, there was a time when the coin went as low as $6,000. From that, the virtual coin is expected to hit $7,300 to the resistance level of $7,400. From that, it will head straight to the resistance level of $7700. As a matter of fact, Bitcoin tested that price during the price drop that was witnessed on Friday.
The RSI is the main momentum indicator. It also tells the same story. The 25 crucial support levels can be tested again soon.