Bitcoin (BTC/USD): bullish prospects above $6800

Bitcoin (BTC/USD): bullish prospects above $6800

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.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

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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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

TRADE IDEA: Technical Breakdown of Top Cryptos
TRADE IDEA: Technical Breakdown of Top Cryptos

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

CBDC: Technology of the Future or Dystopia?
CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

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