- Bitcoin (BTC) continues to hold gain over the $7,500 mark
- Will Black Friday push Bitcoin into the red zone?
- Crypto analysts believe the bear run is not yet over
Bitcoin News Today – Bitcoin (BTC) made a slight recovery this week to return to the mid-$7k area. Looking at its performance over the past month, Bitcoin still shows a steep downtrend and the bears might still be in charge of the market. Will Bitcoin go into the weekend in a bullish state or will Black Friday push Bitcoin into the red.
Bitcoin (BTC) Finds News Support Level
Bitcoin (BTC) experienced a pump earlier this week. After the rally over the $7,500 mark, the digital currency has managed to hold ground over that level for the past few days. The digital currency even made a quick visit to the $7,600 mark yesterday. However, it did not last on that range, as it plunged and tested a daily low of $7,380 right on the 50-hour MA. Bitcoin later gained some momentum and surged to the $7,450 range.
Bitcoin (BTC) Price Today – BTC / USD
Since Bitcoin (BTC) tested its 6-month low of $6,550 earlier this week, the digital currency amassed gains of more than 14 percent, and it looks bullish in the short-term. However, the longer-term charts of the coin still appear bearish. Bitcoin (BTC) has lost more than 20 percent of its value this month, making it a red November.
However, Bitcoin is not looking too bad compared to late November 2018, as the digital currency was trading around the $4k level then.
The Bear Run Is Not Over Yet
Some analysts and traders still believe that the bears are in control of the coin. DonAlt – a crypto analyst – pointed out that the green candle this week is just 50 percent the size of the heavy red one last week. In a tweet, he said:
“Four weeks of selling followed by one week of bounce is not necessarily as bullish as the small timeframes make it out to be. For reference, this green candle only reclaimed 50 percent of the previous one.”
4 weeks of selling followed by 1 week of bounce isn't necessarily as bullish as the small timeframes make it out to be.
For reference, this green candle "only" reclaimed 50% of the previous one.
I'm personally not looking to rush into a long position just yet. pic.twitter.com/cocbewmTUz
— DonAlt (@CryptoDonAlt) November 28, 2019
A break to the upside should at least return to $8,200 or fill the green candle while a buy zone would be anything below $6,200. The 24-hour chart is also showing the 200-day MA average leveling out and starting to head south, which is a clear sign that the upward trend that started in April has run out of steam.
Peter Brandt – chart guru – recently said that markets do not care what analysts predict or think and will just do their own things regardless.
“I’m amazed why traders take their market analysis, the outcome of a trade or opinion of others personally. The markets have no idea who we are & could care less if we are right or wrong.”