Bitcoin (BTC/USD) favored by the bullish price action

Bitcoin (BTC/USD) favored by the bullish price action

2019-11-11 • Updated

The optimism for Bitcoin is still latent in the financial markets and is that during the session of December 11, it reached new heights above the barrier of 17,000. Recall that the BTC/USD has been bouncing from the 200-hour moving average and this has helped it gain momentum in the short and medium term.

The resistance of 17,076 continues to be a major obstacle for the bulls and it is possible that news regarding the capitalization of cryptocurrency in the futures market in the United States continues to be the main driver of movements in the short term. During the first day of operations, the BTC remained bullish and above the 17,000 mark.

In a few minutes, the Bitcoin moved about 1,000 against the US dollar, which indicates that there is still caution regarding the interest of this cryptocurrency in the futures market. According to the capitalization shown by CoinMarketCap, the BTC has been showing gains among the top 10 of the main critics worldwide, making a total of $ 456 billion dollars.

What do we expect?

According to our projections on the H1 chart, the Parabolic SAR continues to support the bullish price action in the Bitcoin and it is possible that the rebound made on the 200-hour moving average is enough to reach the next Fibonacci target of -23.6% in 19,114.29. On the downside, we have a strong support in the psychological barrier of 15,000. The RSI remains in positive territory, favoring the bullish scenario for the short term.



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