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Bitcoin (BTC/USD): calm before the storm?
2019-11-11 • Updated
It seems that we were in front of a scenario where calm prevails before the storm and Bitcoin still does not show clear signs that help to define the trend in the short and medium term. What is certain is that the lows of April 26 continue to offer a solid support across the board and where the bulls are gaining momentum.
Keep in mind that on the upward path, the cryptocurrency would have to do a resistance level of 9759 fracture to confirm the idea of a consolidation above the psychological barrier of 10000. However, the Parabolic SAR is suggesting that it could have a more bearish extension.
What do we expect?
According to our forecasts in the H1 chart, the BTC/USD pair has not formed new lower low patterns and this suggests the idea that the 50% Fibonacci level in 8640 is a solid support that could be helping the Bitcoin gain momentum in the short term. To confirm that there is an uptrend in development, we would have to observe a breakout of the resistance level at 9609, followed by the level of 9759, before the take profit zone of 10066 can be reached.
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