Bitcoin (BTC/USD): double bottom in place at H1 chart

Bitcoin (BTC/USD): double bottom in place at H1 chart

2019-11-11 • Updated

The double bottom that has been formed in the Bitcoin H1 chart is still intact and is helping to supply enough demand to see a bullish continuation in the short term. The current price is close to the 200-hour moving average, which should offer some dynamic resistance and push cryptocurrency to continue with the bearish movement.

According to a commissioner of the European Union, cryptocurrency mining is perfectly legal within the European continent and is only subject to normal energy regulation standards. On the other hand, the Coincheck company has announced that it will begin to reimburse the victims of the recent hacking suffered by the Japanese cryptocurrency exchange.

The price action has weakened near the psychological level of 9500, in an attempt to achieve a bullish consolidation above the 200-hour moving average. The Parabolic SAR is beginning to show corrective signals in favor of the general bullish bias, as projected in the H1 chart.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair is gaining demand around the Fibonacci level of 50% in 8724, which could help maintain support in the short and medium term in cryptocurrency. If this dynamic continues, the Bitcoin could point towards the 11339 resistance. The RSI indicator remains in negative territory.

BTCUSDH1.png

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