Bitcoin (BTC/USD): 7,608 again in sight?

Bitcoin (BTC/USD): 7,608 again in sight?

2019-11-11 • Updated

A wave of sellers has hit Bitcoin again, which is currently trading below the moving averages of 50 and 200 hours, which gave rise to a bearish crossover on the H1 chart. This is allowing cryptocurrency to depreciate towards the Fibonacci level of 78.6% in 7068; a level that had already been tested during the session of March 18.

The latest news about crypto space comes from the United Kingdom, where John Glen, the country's finance minister, has called for a proportionate regulation of cryptocurrency, taking into account exchangers that operate both within British territory and outside of it. In addition, the state of Tennessee has officially approved the use of Blockchain technology to store binding contracts and signatures.

The Parabolic SAR is exerting pressure on the price action of the BTC and according to the proportion thereof, it is possible that the Fibonacci level of 65% in 7856 will give way to the prevailing strength of the bears in the short term. However, it is worth noting that the MACD indicator is beginning to show a bearish divergence.

What do we expect?

According to our forecasts in the short-term, Bitcoin could be aiming to test again the level of 7068 in the coming days, taking into account that the resistance level of 8906 has been a nut difficult to break. However, this move would not invalidate the bullish hypothesis we have for cryptocurrency in the medium term, thus projecting an objective at the level of 9407. The RSI indicator is in an oversold zone, calling for further rebounds.

BTCUSDH1.png

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