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Bitcoin (BTC/USD) facing resistance around 8,724
2019-11-11 • Updated
Bitcoin has entered a phase of relaxation since the highs of March 21 and is now approaching the 200-hour moving average. This is allowing it to erase a bit the overbought levels that he reached after the rebound from the Fibonacci level of 78.6% in 7068, so the spotlights would be put on a new visit of the psychological level of 8000.
The British government has announced the launch of a "task force" that monitors the risks and benefits that the technology that is behind cryptocurrency can provide. In addition, Korean regulators are applying new measures to prevent money laundering in crypto exchanges, extending to banks that may be involved.
The current price of the BTC remains below the 50-hour moving average, which could continue to exert pressure on the asset and thus push it to touch the 65% Fibonacci level at 7856, which is shown as a key pivot for the short-term path in the cryptocurrency and the MACD indicator is favoring this scenario.
What do we expect?
According to our forecasts in the H1 chart, Bitcoin is entering a corrective phase that could not last long, as there are no bearish formations below the lows of March 18. Therefore, we project that the cryptocurrency advance towards the next resistance at 9407 and the invalidation point for this bias would be at the break of the 7068 level.
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