Looking at the figures as of the morning of November 9, things aren’t going very well for Bitcoin. The price is currently hovering around $73,800, which represents a drop of nearly 3% over the past 24 hours. Looking at a longer period, the picture becomes even bleaker: over the past week, the asset has lost about 4%; over the past month, it has fallen by 10.6%; and year-to-date, we’re down 15.8%. From its peak of $107,500, the cryptocurrency has fallen by a solid 31%. And this isn’t just a problem for Bitcoin. Ether is also under pressure, having fallen 6.7%; XRP has dropped nearly 7%; and BNB has lost about 3.6%.
If we look at the daily chart, the downtrend is still very much in place. The price is trading below all key moving averages, including the 20-day and 50-day averages. The RSI is currently at 33.2, so momentum is weak, and we’re clearly approaching oversold territory. The MACD also confirms the bearish sentiment. The most critical area on the chart right now is the $73,215–$73,470 range, as the price is very close to the 200-day SMA. If this level holds, there will be a chance for a rebound; if not, we expect the decline to continue.
Support levels: $73,470–73,215, $72,563, and $71,293.
Resistance levels: $74,941, $76,048, and $78,637.
On the weekly timeframe, the situation looks somewhat more complicated. On the one hand, we’re below the short-term moving averages, but on the other, we’re still holding above the 40-day SMA. The RSI is in the neutral zone here, and the MACD continues to show positive momentum. This offers some hope, although the short-term daily trend is still pulling us down.
Three scenarios to prepare for:
First, the optimistic scenario: if Bitcoin breaks through 74,941, it could very well test 76,048 and even reach 78,637 dollars.
Second, the pessimistic scenario: if support at 73,470 fails to hold, the decline could quickly reach 72,563 and then 71,293 dollars.
The third, moderate scenario: the asset may simply get stuck in a sideways trend between $73,470 and $74,941, trying to weather the storm.