Bitcoin (BTC/USD) hovering near a key demand zone

Bitcoin (BTC/USD) hovering near a key demand zone

2019-11-11 • Updated

Fears for a regulation of the cryptocurrency market reappeared and this became more evident in the price action in Bitcoin, which finally managed to break the 10000 barrier in the last hours, thus consolidating below the average 200 hours mobile This movement has been important because it is once again touching an area of demand.

The latest news comes from the CFTC, where a commissioner has warned that the cryptocurrency industry must "self-regulate" with the establishment of organizations to establish a framework to follow. In addition, US officials have extolled the Blockchain technology, despite concerns about the ICO.

The Parabolic SAR is now turning bearish and finds resistance at the 50-hour moving average. Now it is going to touch the Fibonacci level of 50% in 8724. It is worth noting that the MACD is trying to form new divergences that allow providing support to the BTC/USD pair in the short term.

What do we expect?

According to our forecasts in the short-term, the selling wave in Bitcoin could continue for several more days, as there is nothing to suggest a recovery from the current stage. The level of 8724 is fundamental for the strengthening of buyers despite the current trend. If it manages to bounce and close above 10,000, the pair could aim toward the 11339 target again.

BTCUSDH1.png

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