According to the price analysis by Johan Tomasson, a senior analyst at dagx.live, after holding close to $8,467.54 for three days, Bitcoin plummeted on Nov. 18. The fall has dragged the price to $8,000, which is psychological support. Just below this, at $7,952.84 is the 78.6% Fibonacci retracement level of the most recent rally. Tomasson anticipates a strong defense of this support by the bulls.
Though the price has not breached the $8,000 mark, the bulls have failed to achieve a strong rebound. This shows that the bulls are cautious at these levels. If the price fails to scale above the moving averages within the next few days, he anticipates the bears to make another attempt to sink the price below the $7,702.87 to $7,337.78 support zone. If this zone gives way, the BTC/USD pair might nosedive to $5,500. Such a move will be a huge negative but we give it a low probability of occurring.
Tomasson from dagx.live will wait for the price to climb above the $8,777.89 to $9,080 overhead resistance before turning positive.