Nov 12, 2019
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Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K

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  • Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar.
  • The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500.
  • Today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A clear break below $8,600 is likely to push the price below $8,500 and $8,450.

Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation.

Bitcoin Price Analysis

In morning, we discussed the chances of more losses and sell opportunities for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area.

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