2019-11-11 • Updated
The bulls had a chance to take a break, as the price of Bitcoin traded slightly higher during the session on Wednesday, currently moving around the 200-hour moving average, which has historically served as dynamic resistance in the short term. This would rule out the idea of a bearish divergence in the MACD indicator.
The Parabolic SAR seems to be providing support and this can help the cryptocurrency to consolidate towards the resistance level of 6926, where the bears may be waiting for a more pronounced bearish movement. However, it must be remembered that the support level of 6281 has proven to be a nut difficult to break.
What do we expect?
According to our forecasts in the short-term, until the Bitcoin does not fracture the range recently established in our previous articles, we do not expect to see movements with a clear trend in the short term. Due to the support formed by a trendline drawn from the lows of April 1, it is possible that the BTC tries a break of the resistance level of 6926 to then go to the level of 7586.
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