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Bitcoin (BTC/USD) breaking lower, could plummet towards $7,616
2019-11-11 • Updated
The bears are increasingly strengthening in the Bitcoin and the 200-hour moving average is guiding the short-term path, so this gives rise to see more weakness in the coming days, taking into account also that the moving average of 50 hours is exercising dynamic resistance. Currently, cryptocurrency is finding support at the 7997 level, where the Fibonacci zone is at 123.6%.
These recent movements validate the fact that the psychological area of 10,000 has become a nut difficult to break and where there is a high selling concentration that avoids any consolidation attempt in the short and medium term. The Parabolic SAR is once again showing bearish signals, adding even more pressure on the asset.
What do we expect?
According to our forecasts in the short-term, Bitcoin is waiting to reach new lows across the board, taking into account that the support level of 8241 has been broken and has given way to the inclement strength of the bears. The break of that range supposes that cryptocurrency can make a bearish extension towards the Fibonacci expansion of 161.85% in 7616. The RSI indicator remains in negative territory, favoring this bearish outlook.
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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