The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Bitcoin (BTC/USD) awaiting for a strong move
2019-11-11 • Updated
The Bitcoin remains within a stage of indecision where there is no clear movement that defines the trend for the short and medium term. What is certain is that there is a range established between the levels of 12,000 and 9,000, where the BTC/USD would have to define its path to continue with the volatility that has characterized it for several months.
In recent days we have been seeing the news about the massive theft of cryptocurrencies by online e-wallets and this adds concerns about the security of these platforms to safeguard users' cryptocurrency reserves. In addition, the uncertainty surrounding the regulation of Bitcoin remains latent.
The resistance level of 11.924 continues to be a strong contention barrier for the buyers and we must bear in mind that the BTC is making a bullish cross of moving averages in the H1 chart. On the downside, we have a solid support at the Fibonacci extension of 61.8% at 9.259.
What do we expect?
According to our forecasts in the short-term, the BTC/USD pair is finding a selling force around the psychological level of 12,000 and in case of breaking it, we could see an advance towards the resistance zone of 13,618. On the downside, if the cryptocurrency breaks below 9.259, we could see an advance toward the Fibonacci extension of 100% at 5.754.
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