Bitcoin price has gone under $9,000 today, two weeks after the 40% historic pump earlier in October.
Crypto analyst DonAlt thinks that nothing changed on the charts despite the changing narrative. He thinks that more downside is expected and $8,400 would be a great entry zone for buys to catch maybe some panic wicks.
Even though the narrative has changed, the chart has not.
I still think the area around $8400 is incredibly interesting.
I’d be surprised by any major moves other than the above shakeout.
I think we’ll range for quite a while longer. pic.twitter.com/YQfXmFvMlw
— DonAlt (@CryptoDonAlt) November 8, 2019
Bitcoin fear and greed index actually is at 42 down by 6 points from yesterday’s 54.
Bitcoin is up by nearly 150% this year and few months later the bitcoin block will halve. Actually, the market has to absorb 1,800 BTC daily. After May 2020 the market will have to absorb only 900 BTC daily. This might serve as fuel for the next rally among other fundamentals that surround this innovative currency.
On the other side, Altcoins are performing well with BTC-ALT pairs mostly in green except XRP and BSV which are in red compared to BTC.
Another crypto trader that goes by the name TEDDY on Twitter makes a zoom on the chart pointing that bitcoin is at a decision point while testing the cloud support continuously and being rejected.
The trend is your friend – but the cloud even more
– Weeky price bounces from cloud
– Weekly price is rejected from cloud
Weekly is currenetly testing cloud as we speak, this will be an interesting close – Make or break 👀 pic.twitter.com/hKcHgaRn21
— TEDDY ⛓️📉 (@teddycleps) November 8, 2019