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

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

2019-11-11 • Updated

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.

BTCUSDH1.png

Similar

Trade Ideas on September  6-10
Trade Ideas on September 6-10

Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…

Latest news

CONSUMPTION AND ITS INFLUENCE ON THE ECONOMY
CONSUMPTION AND ITS INFLUENCE ON THE ECONOMY

How to understand if an economy is accelerating or decelerating? What are the indicators that can guide us in this interpretation? One of the ways in which we can assess this situation is precisely the household consumption, which fundamentally refers to…

CREDIT CYCLES IN THE ECONOMY AND THE BRAZILIAN CASE
CREDIT CYCLES IN THE ECONOMY AND THE BRAZILIAN CASE

Credit cycles (or leverage cycles) represent moments in the economy of a country when families and companies get indebted, in order to invest or to spend in different segments, which ends up positively influencing the level of the general economic…

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera