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Bitcoin (BTC/USD) facing a key resistance area at 9,600
2019-11-11 • Updated
Finally, Bitcoin has entered a consolidation stage around the resistance level of 9609, after a week where the bulls managed to gain traction in the short term. The short-term objective is still set at the level of 9759, where a break could validate the idea of a more mature uptrend for the next few days.
Moving averages continue to be aligned in favor of this bias, so it is possible that profits continue during this week. However, a pullback is not ruled out to begin correcting the uptrend that began on May 1, although the Parabolic SAR is favoring the bulls at the moment.
What do we expect?
According to our forecasts in the H1 chart, cryptocurrency aims to reach new highs across the board and we are likely to see a break above the 9759 level, then go towards the Fibonacci level of -23.6% at 10066, which would mean a lasting bullish consolidation. On the downside, the next support level lies at 8640. The RSI indicator is entering neutral territory, favoring a consolidation.
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