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Bitcoin (BTC/USD) extending the corrective bias
2019-11-11 • Updated
Despite the Christmas season in the financial markets, Bitcoin continues to make a recovery from the lows of December 22 and is currently facing the 200-hour moving average, which coincides with the 50% Fibonacci demand zone. This setback is allowing it to gain sales force to continue pushing downward.
There is no fundamental news that affects the price action of the cryptocurrency at the moment, although the uncertainty surrounding the price so high that the BTC/USD currently registers remains the biggest driver of Bitcoin operations.
After having recovered from the lows of December 22, the BTC/USD has been relying on the Parabolic SAR and the 50-hour moving average, which has served as a key dynamic pivot point for the pair. The uptrend line continues to provide dynamic support, even though it has already been fractured.
What do we expect?
According to our projections in the H1 chart, Bitcoin is finding strong resistance around the 200-hour moving average and it coincides with a supply zone drawn with the Fibonacci projections drawn from the highs of December 17. In case of continuing the fall, the cryptocurrency would aim to reach the Fibonacci level of -23.6% in 8507.14. If the uptrend resumes, the BTC/USD could return to the psychological level of 17,000.
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