Bitcoin (BTC/USD) could be following a deep correction

Bitcoin (BTC/USD) could be following a deep correction

2019-11-11 • Updated

The bears finally took the reins of the Bitcoin movements and we see that in the short term there is a dynamic support offered by the 200-hour moving average. The resistance of 11339 has remained solid and has helped the BTC/USD pair to remain under downward pressure, so we may see a deeper downward correction.

The Parabolic SAR is suggesting that the downward trend could last for a few more days, as the bullish price action weakens when touching the key level of 11339. The 200-hour moving average is limiting losses, although it is likely to be fractured for thus allowing more falls in the coming days.

What do we expect?

According to our forecasts in the H1 chart, cryptocurrency aims to gain momentum at more bearish levels. Therefore, our projections put Bitcoin at the Fibonacci level of 38.2% in 9407 at least, so that we observe a buying reaction that allows a rebound towards the Fibonacci target of -23.6% in 12985. The RSI remains in negative territory.

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

Walmart earnings outlook
Walmart earnings outlook

Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?

What to trade on May 16-20?
What to trade on May 16-20?

Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!

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