Bitcoin and Monero Analysis for 2019-11-19 [Premium]

Bitcoin Price Highlights

• The Bitcoin price broke down from a descending wedge.
• There is support at $7900-$8000 and $7500.
• The 100- and 200-day moving averages have made a bearish cross.

Bitcoin Price Breakdown

The Bitcoin price broke down yesterday from the descending wedge it had been trading in since October 25. The breakdown transpired with average volume. The next support areas are found between $7900-$8000 and $7400. A breakdown below the second area would indicate that the bottom is not in and BTC might head towards lower values at $6000.

Daily Chart

The daily chart gives a notably bearish outlook.

• First, we have a bearish cross of the 100- and 200-day moving averages (MA).
• Second, the price has fallen and reached a close below the descending resistance line it had been previously using as support.

However, the RSI has reached the support of the trend-line, increasing the possibility of a bounce. This, however, is an isolated bullish signal in an overall bearish outlook — so it is not sufficient to predict one.

Monero

In one of our previous analyses, we suggested that the XMR price is likely to eventually break out from its pattern. Since then, it has done so and is currently in the process of validating the previous resistance line and the 100-day MA as support. From there, it should resume its upward movement towards the resistance areas at ₿0.085 (200-day MA) and ₿0.0105. For our previous analysis, click here.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

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