Bitcoin (BTC/USD) close to reach a take-profit zone

Bitcoin (BTC/USD) close to reach a take-profit zone

2019-11-11 • Updated

The sell-off wave in the cryptocurrency continued to expand during the session on January 17, where the US dollar has been gaining ground against the BTC and now we see that it is consolidating below the 10,000 mark. As we had anticipated, Bitcoin is close to reaching the Fibonacci target of 61.8% in 9.259.

The 200-hour moving average played an important role in bidding to the BTC/USD during the day of January 15, in addition to the Parabolic SAR indicates that the bearish trend continues to be the dominant bias across the board. Now, the level of 12,852 is presented as a solid resistance to overcome.

What do we expect?

According to our forecasts in the H1 chart, cryptocurrency should seek the break of the Fibonacci expansion of 61.8% to go for the Fibonacci target of -23.6% in 8,507, where we expect a wave of take profit orders activated to occur. There are likely to be corrective bounces to alleviate the sustained fall since January 15. The RSI is now in the oversold territory.

BTCUSDH1.png

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