Bitcoin (BTC/USD) forming a possible double top pattern around 17K

Bitcoin (BTC/USD) forming a possible double top pattern around 17K

2019-11-11 • Updated

All focuses are now placed on the Bitcoin bulls, as the asset has been moving in an uptrend from the lows of December 30 and according to the graph H1, cryptocurrency is consolidating above the 200-hour moving average. In the short term, the BTC/USD pair finds resistance at the 17.161.30 level and this helps curb the gains.

In the latest news concerning cryptocurrency, according to the coindesk.com website, the Visa debit card provider is deleting these cards in the European continent, in addition to being told to stop providing services related to Bitcoin. In addition, the Indian stock exchange is looking for answers about the tax responsibilities of operating Bitcoin in the country.

Despite this news, the BTC continues to move in a bullish tone, although it is currently consolidating below the 50-hour moving average, after having formed a double top around the aforementioned resistance. It is necessary to remember that cryptocurrency has made a successful rebound on the 200-hour moving average.

What do we expect?

According to our forecasts in the short term, based on the H1 chart, the Bitcoin is following a bearish tone guided by the Parabolic SAR, which remains in favor of the path of the bears. There are still chances that the cryptocurrency will resume the bearish bias and will test the lows of December 30. However, if the bulls gain momentum in the next few hours, the next target would be at the Fibonacci level of 78.6% at 17,916.70.

BTCUSDH1.png

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