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Bitcoin (BTC/USD) in consolidation phase
2019-11-11 • Updated
Bitcoin continues to move in a bullish bias above the 16,000 barrier, although it has been moving in a consolidation range around the 50-hour moving average. The momentum gained since the December 10 session is still latent and it is possible that the BTC/USD will reach new heights through the board.
The latest news regarding Bitcoin comes from the United Arab Emirates, where it is reported that they are trying new ways to trade with cryptocurrency. In addition, the Indian tax department has been collecting data from Bitcoin users across the country.
During the United States day on Wednesday, the Federal Reserve's president, Janet Yellen, affirmed that Bitcoin is a highly speculative instrument and that it has no value at all. These statements come up in what would be Yellen's last meeting as the leader of the Fed.
What do we expect?
According to our projections, the BTC remains intact in our bullish outlook and continues to point towards the Fibonacci target of -23.6% at 19,114. The rebound on the 200-hour moving average helped strengthen the bulls in the short term, which means that the aforementioned goal could be achieved in the coming days. Speculation regarding a test of the 20,000 level also continues to support the bullish price action in cryptocurrency.
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