Bitcoin (BTC/USD) forming a bearish channel in the short-term

Bitcoin (BTC/USD) forming a bearish channel in the short-term

It has not been a good weekend in the crypto space and a reflection of this can be found in Bitcoin, which has managed to consolidate its price action below the level of 8000. Since the session of March 12th has been strengthening the bearish bias with the formation of a channel that is guiding the road in the short term.

The fundamental news still does not favor cryptocurrencies. On the one hand, we have the U.S. SEC announcing that there are dozens of investigations in progress related to cryptos. In addition, rumors that Twitter could join the Google initiative to ban the advertising of cryptocurrencies and ICOs continue to weigh on the price action.

The Parabolic SAR shows bearish signs indicating that there is more space to fall since the pressure remains latent. In addition, the 200-hour moving average continues to be a very tough dynamic to break and it is possible that a breakthrough above that area could allow more gains, although that remains to be seen.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair still has room to follow the bearish path in the short term, with the 50-hour moving average exerting pressure on the price of cryptocurrency. If the Fibonacci level of 78.6% gets broken, our general bullish hypothesis would be invalidated to give way to further drops to the 5830 level. On the other hand, if the BTC breaks above 8041, it could go to the moving average of 200 hours.

BTCUSDH1.png

Similar

EUR/USD: bearish 'High Wave'

We should keep an eye on the lower 'Window' as the next intraday target. A pullback from this level could be a starting point for...

eur

Popular

Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera