Bitcoin (BTC/USD) awaiting for clues to define the trend in the short-term

Bitcoin (BTC/USD) awaiting for clues to define the trend in the short-term

2019-11-11 • Updated

The Bitcoin again managed to consolidate the price action below the 200-hour moving average and the support offered by the Fibonacci level of 123.6% in 7997 continues to be the pivot for this week. It is to remember that bears continue to dominate the cryptocurrency field in the short term, so we do not rule out the idea of a break in the low of May 18.

However, the Parabolic SAR is beginning to show signs of exhaustion, so it is possible that there is an attempt to resume the upward trend. The MACD indicator still shows bearish potential and the RSI is still in favor of negative territory, which puts the psychological level at 7000 in focus.

What do we expect?

According to our forecasts in the H1 chart, the BTC could attempt to break the support level of 7997, since the path would be clearing to visit the key Fibonacci zone of 161.8% in 7616. However, a rebound in current levels it could lead the cryptocurrency to reach new heights and break the resistance level of 8729, in order to strengthen the uptrend in the short term.

BitcoinH1.png

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