Bitcoin (BTC/USD): further declines coming?

Bitcoin (BTC/USD): further declines coming?

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.




Morning brief for May 30

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