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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.
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