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Bitcoin (BTC/USD) close to test an upside target, 10k in sight?
2019-11-11 • Updated
The Bitcoin continues to point north, in an attempt to consolidate the price action in favor of the bulls. Finally, we could observe the resistance level of 8907 breaking and this puts the focus on the Fibonacci level of -23.6% in 9486. The bulls continue to gain traction and we may continue to see this dynamic for several more days.
It should be noted that the resistance level of 9759 is a target of interest for sellers, where we expect a consolidation to occur and subsequently a pullback that can erase the overbought levels in which the cryptocurrency is found, following the upward trend that has developed above the 200-hour moving average.
What do we expect?
According to our forecasts in the short-term, the BTC aims to extend the upward trend towards the Fibonacci level of -23.6% in 9486. The Parabolic SAR is in favor of the bulls and the profits could be extended even to the level of 9759 This would strengthen the general trend in the medium term and eventually we could see a testing of the psychological level of 10k.
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