Bitcoin Breaks Lower as NVIDIA Drags Tech: Support Levels on Nine Market Movers

Bitcoin broke below $70,000 on Friday, November 13, and NVIDIA's news is dragging tech stocks lower, so I'm mapping support on nine movers, led by $67,000 on Bitcoin and about $150 on NVIDIA. SanDisk at $782 and Intel near $56 are the other numbered levels. The rest are trend-line setups, and for each one I'll show you how to draw the line yourself.

Bitcoin (BTC) Support at $67,000: Trend Line Meets Pivot Tops

Bitcoin fell about $6,000 over a 24-hour period. Bitcoin (BTC) has its key support at $67,000, the level where I'm watching for a reaction, set by a descending trend line and two prior pivot tops.

Here's how to find it. Start with the descending trend line that acted as support on three distinct wicks from three daily candles. Then go straight across from those two pivot tops. Extend both lines and what do you know? They converge right at $67,000.

That's the area I'm specifically watching, and it's where I'll start adding to my Bitcoin bag, maybe even try to get a trade in. Price is below $70,000 and has not reached $67,000 yet.

Silver: Trend Line First, Pivot Low for Adding

Silver is really close to testing a descending trend line drawn off two wicks a few days apart, a line that also catches a stretch of consolidation. I'm watching it as possible support.

Underneath sits a pivot low. Silver may crab along the trend line for a while before anything happens. A hit of that pivot low is where I'm a hundred percent adding to my silver portfolio, whether through a broker or physical silver. So the trend line is the test to watch, and the pivot low is the only place I said I'd add.

Gold Holding a Flipped Trend Line, With $3,500 Far Below

Gold is trading around $3,885 to $3,890 an ounce and trying to hold a small descending trend line as support. That line started as resistance. Price knocked against it and fell, went up against it and fell again, then shot above and quickly retested it from the top. After a scary dip, gold bounced and now looks like it's holding the line. A hold there is what I want to see.

The lower pivot level is a pivot top right around $3,500 an ounce, well below where gold trades now.

NVIDIA (NVDA) Support Near $150 After the Jensen Huang Resignation

Jensen Huang resigned amid a scandal, with CFO Colette Kress named interim CEO, and tech stocks are heading lower largely on that news. NVIDIA had a huge sell-off, most of it pre-market, then bounced when the stock opened. It closed at $166.19 on November 12, down from a record close of $239.24 on October 6, and traded in the high $150s to mid $160s on Friday, a decline of roughly 30%.

My level comes from a descending trend line price has now come down to test again, plus a horizontal resistance line taken straight across. Together they put support right around $150, which looks like pretty good support for NVIDIA to me.

I did a little trade on it but didn't add to the bag. A move back lower is where I'll be looking to pick up some NVIDIA shares.

SanDisk (SNDK) Reaction Level at $782

On SanDisk (SNDK), $782 is my reaction level, the price where I'm watching for support. It is an entry zone, not an upside target. The stock trades around $863 in a pretty sharp sell-off.

Connect the pivot low I marked to the next low, extend the line down, and it lands at $782, the same price where SanDisk rejected earlier. This name moves in very large candles in both directions, so be careful trying to jump in too early. I'd rather wait for $782 and take singles and doubles than chase a falling candle.

Intel (INTC): $56 Support, With $50 Pulling Below

A former pivot resistance does the work on Intel, which sold off alongside the broader chip sector. Price shot above that pivot, came back down and dipped a little below it, and I'm still watching it for potential support right around $56. There's also something to be said about the strong psychological level of $50, and I wouldn't be surprised to see Intel come back down and touch it.

Dell Technologies (DELL): Descending Line and the Gaps Below

The trigger on Dell is the descending trend-line test. Dell Technologies took a pretty sharp sell-off that sent the stock significantly lower. Connect two pivot lows into a descending line and keep an eye out for price to reach it. On the way down, the stock should start filling some of the open gaps, which makes the setup more lucrative to me. A second line, drawn between two wick lows I marked, might also be a good level to watch. My approach is to wait for price to reach the line and skip buying the drop on the way there.

Coinbase (COIN): Bitcoin Sets the Terms

Bitcoin's price action comes first here, because Coinbase is going to be somewhat at the mercy of it. The support I'm watching on Coinbase (COIN) is a horizontal level going back several years: it was resistance, price rejected there, and it later turned into support. Coinbase may be coming down to retest it.

A descending trend line makes that level more interesting. Run the dates out and the two intersect around the middle of December, about a month from Friday. I'll be monitoring that retest alongside the Bitcoin chart.

AMD: Can a Triple-Rejection Line Hold as Support?

Repeated rejections define the AMD line. AMD is down over 10% on Friday and fell to a good level of support: price rejected there three times, shot above, spent one candle below and couldn't stay, then rejected at the line once more. I'm watching to see whether it holds as support now.

Levels That Matter

Bottom Line

These are major moves heading into the weekend, with Bitcoin breaking lower and the chip names under pressure from NVIDIA, so I'm being careful, letting price come to my lines and staying away from chasing.