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Bitcoin (BTC/USD) forming a bearish channel in the short-term
2019-11-11 • Updated
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.
The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
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