Bitcoin (BTC/USD) in a bearish corrective phase

Bitcoin (BTC/USD) in a bearish corrective phase

2019-11-11 • Updated

We have seen that the bears have resumed the reins of the price action in Bitcoin, which is trading below the 50-hour moving average, after having encountered resistance at the level of 9609. The 50-hour moving average is approaching the Fibonacci level of 50% at 8640, where the bulls would be waiting to steal the turn of the bears.

The Chinese government is currently evaluating the possibility of implementing Blockchain solutions in terms of its data storage operations. In the United States, a law on payments based on cryptocurrency has overcome a major obstacle on the part of a committee last Monday, which gives rise to tax impositions for those who own crypto assets.

The RSI indicator is moving in oversold area and the MACD indicator remains in negative territory, which is a strengthening of the bearish trend in the short term, although this may be short-lived. It is worth noting that the support level of 8033 continues to be an obstacle of interest for sellers.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair could extend the corrective move in the short term towards the 200-hour moving average, where we expect consolidation movements. Because the RSI is in an oversold zone, we could be validating the idea of a rebound that allows the cryptocurrency to break the highs of April 25th to go towards the Fibonacci level of -23.6% in 10066.



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.

Latest news

It’s Time to Look at New Zealand
It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera