{"id":58182,"date":"2019-11-15T09:30:54","date_gmt":"2019-11-15T07:30:54","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58182"},"modified":"2019-11-15T09:12:02","modified_gmt":"2019-11-15T07:12:02","slug":"bitcoin-price-fall-8500-bull-case-remains","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-fall-8500-bull-case-remains\/","title":{"rendered":"Bitcoin (BTC) Price Falls to $8,500, Though Analyst Asserts Bull Case Remains"},"content":{"rendered":"<p>Bitcoin (BTC) hasn&#8217;t been doing all too hot over the past 24 hours. Volumes have dropped across the board as the price of the leading cryptocurrency has tumbled by 1.5%, approaching the key support level of $8,500, which if lost could spell disaster for bulls in the short term.<\/p>\n<p>Even still, a bull case purportedly remains on the table. Analyst <a href=\"https:\/\/twitter.com\/CryptoParadyme\" rel=\"nofollow noopener\">Dyme<\/a> recently laid out this bull case, issuing the tweet below, providing limited hopium to bulls as bearish sentiment has begun to mount for the umpteenth time in a matter of months.<\/p>\n<p>The bull case is as follows: 1) Bitcoin&#8217;s four-hour chart has printed a bullish divergence, with a derivative of the Relative Strength Indicator (<a href=\"https:\/\/en.ethereumworldnews.com\/?s=RSI\">RSI<\/a>) trending higher as prices have collapsed lower; 2) BTC has bounced off a 0.618 Fibonacci Retracement level, dubbed a &#8220;golden pocket&#8221; of support; and 3) the cryptocurrency is trading in a bullish wedge pattern that could violently break to the upside should the conditions allow it to.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Longing Bitcoin *does* make sense here but I have low confidence in this setup. <\/p>\n<p>4H bull div. 618 golden pocket coinciding with support test from previous range. <a href=\"https:\/\/t.co\/vWj9wuOc6A\" rel=\"nofollow\">pic.twitter.com\/vWj9wuOc6A<\/a><\/p>\n<p>&mdash; D\u1e8fm\u0119\ud83d\ude10 (@CryptoParadyme) <a href=\"https:\/\/twitter.com\/CryptoParadyme\/status\/1195218965481566208?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While Dyme is seeing some slightly bullish signs for <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\">Bitcoin<\/a>, a notable bearish signal just flashed. And it&#8217;s extremely notable, with historical precedence hinting at an impending collapse.<\/p>\n<h2><strong>Strong Bitcoin Sell Signal Appears<\/strong><\/h2>\n<p>As\u00a0<a href=\"https:\/\/twitter.com\/ColeGarnerBTC\/status\/1195155212610260995\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">pointed out<\/a> by cryptocurrency commentator Cole Garner, the Hash Ribbons \u2014 an indicator tracking the trend of Bitcoin&#8217;s hash rate (or how much computing power is being allocated to the maintenance of the network) \u2014 has just exhibited a bearish crossover. While this may not mean much in and of itself, the bearish crossover of the Ribbons was last seen \u201cjust before Bitcoin broke down from $6,000\u2026 TL;DR this is a bearish signal.\u201d<\/p>\n<p>To better illustrate the importance of miners capitulating, here\u2019s a chart from industry podcaster and Bitcoin bull Preston Pysh. As Pysh\u2019s chart below\u00a0<a href=\"https:\/\/twitter.com\/PrestonPysh\/status\/1194807801148780547\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">clearly depicts<\/a>, the mining capitulation was seemingly what catalyzed the now-infamous crash from $6,000 to $3,000 in late-2018.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Potential miner capitulation at a hash rate cross.<br \/>Great chart by <a href=\"https:\/\/twitter.com\/caprioleio?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@caprioleio<\/a>. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/fBMwrrzHxf\" rel=\"nofollow\">pic.twitter.com\/fBMwrrzHxf<\/a><\/p>\n<p>&mdash; Preston Pysh (@PrestonPysh) <a href=\"https:\/\/twitter.com\/PrestonPysh\/status\/1194807801148780547?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 14, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Other on-chains metrics are harrowing too. Crypto analytics firm ByteTree revealed in a recent newsletter that the network activity levels of Bitcoin aren&#8217;t looking too good; Bitcoin Network struggling to retain short term volumes, dropping back to 12 Wks average of $2Bn per day,\u201d they penned.<\/p>\n<p class=\"svecc-content-banner-added\">They went on to state that their proprietary Market Health Signal remains in \u201cbear made&#8221;:<\/p>\n<blockquote><p>\u201cLong term transaction volumes are steadily declining, velocity remains below the critical 600% level and short term NVT continues to signal caution.\u201d<\/p><\/blockquote>\n<pre>Title Image Courtesy of Unsplash.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) hasn&#8217;t been doing all too hot over the past 24 hours. Volumes have dropped across the board as the price of the leading cryptocurrency has tumbled by 1.5%, approaching the key support level of $8,500, which if lost could spell disaster for bulls in the short term. Even still, a bull case purportedly remains on the table. Analyst Dyme recently laid out this bull case, issuing the tweet below, providing limited hopium to bulls as bearish sentiment has [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,83,185,111,270],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58182"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=58182"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58101"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}