Bitcoin (BTC/USD): a triple bottom pattern coming soon?

Bitcoin (BTC/USD): a triple bottom pattern coming soon?

2019-11-11 • Updated

The Bitcoin has resumed the bearish bias in the short term and now is heading to touch the double bottom that formed around the Fibonacci level of 61.8% in 8041. This could well be the indicator that cryptocurrency could form a triple bottom pattern, due to the buyer interest in the area mentioned above.

The latest news about crypto space comes from Thailand, where it was announced that the cabinet approved two royal decree drafts that aspire to regulate cryptocurrency and that these may be taxable. On the other hand, it was announced that Google will ban advertising on ICO and cryptos on its Google Ads platform.

It is perhaps this latest news that has dominated the price action during the session of March 14, adding uncertainty about the acceptance of cryptos globally. The Parabolic SAR also continues to exert pressure on the BTC/USD pair in the H1 chart, while the MACD indicator remains in negative territory.

What do we expect?

According to our forecasts in the H1 chart, if the Bitcoin reaches a break with a big candlestick below the Fibonacci level of 65% in 7856, we could see a wave of selling orders that push the cryptocurrency to touch the Fibonacci level. 78.6% in 7068, opening the doors to go to the level of 6000. On the upside, if the BTC makes a rebound and finds demand in the current zone, this movement could extend to 10252.

BTCUSDH1.png

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