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Bitcoin (BTC/USD): a bottom could be found soon?
2019-11-11 • Updated
The bears were the main protagonists during the past week since the price action remained consolidated below the 200-hour moving average and we have seen that the cycle that we mentioned in previous reports could triple, according to our projections in the H1 chart. This is due to the breakdown of support level of 8232, now a resistance zone.
The RSI indicator is beginning to show signs of recovery from the low of May 18 and this would give rise to the cryptocurrency to reach the 200-hour moving average, which if fractured, would give way to profits can help to make a bullish consolidation in the short and medium term.
What do we expect?
According to our forecasts in the short-term, the Bitcoin is pressed by the bears and it is likely that the dynamics will remain that way for the coming week. A breakout of the May 18th lows could clear the way to reach the support level of 7616, followed by the Fibonacci extension of 200% at 7236.
The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
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