Bitcoin (BTC/USD): further declines coming?

Bitcoin (BTC/USD): further declines coming?

2019-11-11 • Updated

The Bitcoin continues to record gains from the day of December 22 after having completed a strong correction sustained since the highs of December 17. The 200-hour moving average is trying to provide a solid dynamic resistance for the cryptocurrency, in addition to the fact that it coincides with the Fibonacci offer zone of 50% and 65%.

The uptrend line fractured slightly in mid-December suggests that the price action is still in favor of the bulls, in addition to that the BTC has not formed new lower lows along the way. The Parabolic SAR is calling for a slight fall that could touch that uptrend line.

What do we expect?

According to our forecasts, the cryptocurrency could continue with the rebound towards the highs of November 17 in 19,887, which are the highest historical levels. However, we must not lose sight of the fact that the BTC/USD is moving in a supply zone that could cause a fall to the Fibonacci level of -23.6% in 8,507. The RSI remains slightly in positive territory.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

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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