Bitcoin (BTC/USD) close to reach a key pivot

Bitcoin (BTC/USD) close to reach a key pivot

2019-11-11 • Updated

The bulls and bears took a break in Bitcoin, although the bearish trend was dominant over the past week. The price approached the Fibonacci level of 78.6% in 7033, where the bulls are looking to gain traction in order to resume the upward trend. It is important to note that the current bearish cycle could end at that level.

To confirm the development of an uptrend for the short and medium term, the BTC/USD pair would have to break above the 200-hour moving average and then point towards the resistance level of 8729. However, the Parabolic SAR is pushing to the downside, so it is likely that we continue to see a selling manifestation.

What do we expect?

According to our forecasts in the short-term, cryptocurrency is approaching a key level that could serve as a pivot point for this week. If the level of 7033 comes to give in front of the bears, the next obstacle to face would be in 6270, where the bulls could resume the upward trend. The RSI indicator suggests that bullish momentum is trying to recover steam.

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