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Bitcoin (BTC/USD) could perform another bearish correction
2019-11-11 • Updated
The cryptocurrency is still looking for catalysts that allow it to strengthen the bullish bias in the short and medium term, now pointing to the psychological level of 10000. The 200-hour moving average continues to guide the way and the current trend suggests that more bullish action could come, once the Bitcoin makes a correction.
Regarding the latest news about crypto space, an Indian High Court has accepted a petition against the prohibition of the Reserve Bank of India for all services that are related to cryptocurrency. On the other hand, the city of Shenzhen, China, is supporting a blockchain investment fund valued at $ 80 million dollars.
The outbreaks are now set in a bearish movement that could be short-lived and the BTC is waiting for bearish signals from the Parabolic SAR, which continues to support the bullish price action. The MACD indicator stays slightly in positive territory and the RSI seems to be comfortable in the neutral zone.
What do we expect?
According to our forecasts in the short-term, the Bitcoin could fall to the support of 8033, which could be broken to allow another bearish extension towards the Fibonacci level of 50% in 7679. There we expect the bulls to gain traction to make a rally
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