Bitcoin (BTC/USD) could make a break lower

Bitcoin (BTC/USD) could make a break lower

2019-11-11 • Updated

There were no major changes during the weekend in the crypto space and in the case of Bitcoin, we could observe that the price action did not vary much since the 200-hour moving average served as a reference to guide the way in the short term. The support level of 6281 is still an area of interest for buyers.

The Parabolic SAR continues to provide signals that the BTC could continue with the bearish movement, in addition to that there was already a death crossover of moving averages in the H1 chart, which

What do we expect?

According to our forecasts in the short-term, Bitcoin could try to break the support level of 6281 to extend the structure to the level of 5475. This could strengthen the bearish bias for the short term, which also clears the way for visit the psychological level of 5000. If the resistance level of 7586 bets to be fractured, the gains could be consolidated above the key level by 8000.

BTCUSDH1.png

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