Bitcoin (BTC/USD): consolidation phase that could allow more gains

Bitcoin (BTC/USD): consolidation phase that could allow more gains

Bitcoin has made a successful rebound from the 200-hour moving average and from the 50% Fibonacci zone at 12979, which has allowed gold to extend its gains during the Sunday and Monday sessions. In addition, the Parabolic SAR has allowed the BTC/USD to continue extending profits above this moving average.

In the last hours, we have seen that some events have favored the price action in cryptocurrency, thanks to the launch of futures in the CME Group in the United States, rising 20% ​during the first hours of trading, as shown by the contract which expires the month of January in the CBOE.

Therefore, we have been seeing that the BTC has not lost buyer interest, so the upside potential remains latent, consolidating then a structure that will allow more gains in the short and medium term.

What do we expect?

According to the H1 chart, the Parabolic SAR is showing slight signs of depletion of the general uptrend, which would give grounds for the cryptocurrency to make a slight correction towards the lows of December 10. However, should the BTC/USD make a break above the highs of December 8, we could see an advance towards the Fibonacci level of -23.6% in 191114, followed by the important psychological level of 20000. The indicator RSI remains in positive territory, favoring the upward bias.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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