Bitcoin (BTC/USD) awaiting for a bullish catalyst

Bitcoin (BTC/USD) awaiting for a bullish catalyst

The Bitcoin is resting the price action below the key resistance at 11339, which helps curb gains in the short term. During the weekend, the pair had no major action and remained cautious about the elections in Italy, so that risk aversion became evident in cryptocurrency.

In the latest fundamental news, this time from Japan, it has been announced that 16 crypto exchanges will establish an organization that allows them to regulate themselves, this due to the hack that was almost 500 million dollars a few weeks ago. In addition, Coinbase has been hit by a class action lawsuit, where it is alleged that the company could have done insider trading.

The Parabolic SAR continues to reflect that the BTC/USD pair is finding support in the current zone, in addition to the 50-hour moving average each time is closer to the cryptocurrency price. The RSI shows an effort by the bulls to stay alive in the short term.

What do we expect?

According to our forecasts in the H1 chart, the BTC is trying to gain momentum to break the resistance of 11339, in order to advance towards the Fibonacci target of -23.6% in 12985. However, the possibility that Bitcoin is not ruled out is not ruled out. make a deep bearish correction towards the Fibonacci level of 23.6%, which coincides with the 200-hour moving average.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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