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Bitcoin (BTC/USD): further new lows in sight?
2019-11-11 • Updated
The cryptocurrency is at a decisive stage and this is because the 200-hour moving average is exerting selling pressure. However, this is a signal that can be confusing, due to the bullish divergence that has formed in the H1 chart, as we can see in the MACD indicator, which could be an indication that an imminent change in the trend may come.
This puts us in perspective the resistance zone of 7586, where a break could clear the way to go to 8906. This movement would strengthen the upward bias for the short term, although it still does not eliminate the risk that the Bitcoin can continue with the general bearish movement and thus be able to look for new lows.
What do we expect?
According to our forecasts in the H1 chart, Bitcoin has found dynamic resistance at the 200-hour moving average and it is possible that it will touch the support area of 6281. If we get to see the formation of a new low below that area, the doors would open to visit the 5475 level, which would strengthen the bearish hypothesis. On the other hand, if the level of 7586 gives up to the bulls, the next level of interest would be 8906.
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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