The most popular cryptocurrency opened trading on Monday, November 4 with a 2.3 percent increase and a green candle to $9,423. It peaked at $9,597 during intraday and successfully broke above the 38.20% Fibonacci level.
Bulls, however, were not able to hold their territory and retreated to $9,311 on the next day, Tuesday, November 5. We saw the BTC/USD pair trading as low as $9,174 during the session.
On Wednesday, November 6, bitcoin was trading lower around noon but managed to recover in the evening closing with at $9,347.
BTC still ranging in the $9,500-$9,000 zone as $9,500 also is covered by the Fibonacci 38.20%
Expecting a drop below $9,000 in the coming days mainly due to the relatively low volume - between $22-$28 billion since November 4, still lower compared to the peaks in late October, and low volatility. Bulls seem weak and out of steam.
Bulls, however, were not able to hold their territory and retreated to $9,311 on the next day, Tuesday, November 5. We saw the BTC/USD pair trading as low as $9,174 during the session.
On Wednesday, November 6, bitcoin was trading lower around noon but managed to recover in the evening closing with at $9,347.
BTC still ranging in the $9,500-$9,000 zone as $9,500 also is covered by the Fibonacci 38.20%
Expecting a drop below $9,000 in the coming days mainly due to the relatively low volume - between $22-$28 billion since November 4, still lower compared to the peaks in late October, and low volatility. Bulls seem weak and out of steam.