Bitcoin (BTC/USD) hovering around a buy area, looking for the $10,000 milestone

Bitcoin (BTC/USD) hovering around a buy area, looking for the $10,000 milestone

The Bitcoin continues to move in a bearish corrective stage below the 200-hour moving average and we are observing in the H1 chart that there is a solid support level set at 9076, where the 65% Fibonacci zone is. Naturally, we hope that this area will serve as a pivot for the cryptocurrency to resume the upward trend.

It has recently been reported that the incoming head of a South Korean financial regulator has had positive words and has taken a slightly biased stance in favor of Bitcoin; otherwise the billionaire Warren Buffet, who compared the BTC with rat poison. In addition, trading platform Circle has added Monero to their app.

Meanwhile, we may see consolidation moves before the cryptocurrency decides the path in the short term, given the bullish context in which it has been found for several weeks. The MACD indicator remains in negative territory and still shows no signs of upward recovery.

What do we expect?

According to our forecasts in the H1 chart, the Bitcoin is projected to perform a rebound on the 65% Fibonacci level to then perform a break of the highs of May 5 and thus get in route to the Fibonacci level of -23.6% in 10114, thus giving way to a consolidation above the barrier of 10,000 in the short and medium term. However, if the BTC / USD pair breaks below 9076, the fall could extend to the low of May 1st at 8665.

BitcoinH1.png

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