Bitcoin (BTC/USD): 7,000 on the eye?

Bitcoin (BTC/USD): 7,000 on the eye?

Bitcoin has finally invalidated the double bottom pattern that we had raised in previous reports, as a wave of sellers came from the uncertainty generated by Google's recent ban on advertising related to cryptocurrency in its ads service. This news was clearly digested negatively by the BTC.

During the day of March 15th we have seen a consolidation of the price action around the Fibonacci level of 50% in 7856, although the Parabolic SAR is trying to provide support in the short term. Moving averages of 50 and 200 hours continue to point down, favoring to the bears.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair is opening the doors to visit the Fibonacci level of 78.6% in 7068. A break in the psychological zone of 7000 could allow more falls towards the 5830, which corresponds to the 100% Fibonacci area, thus invalidating the bullish hypothesis we had for cryptocurrency. However, if it breaks above the highs of March 12, this bullish idea would gain strength and allow the BTC to rebound towards 11339.

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