Bitcoin (BTC/USD) inside a consolidation phase

Bitcoin (BTC/USD) inside a consolidation phase

Although Labor Day was commemorated in several parts of the world, Bitcoin once again suffered selling pressure below the 200-hour moving average, which is allowing the fall to extend to the Fibonacci level of 50% in 8640, where we project that there is a strong buying demand that could push the cryptocurrency to reach new highs.

On the wires, the venture-capital of billionaire Peter Thiel is creating a startup that helps investors to bet on Bitcoin because he firmly believes that the popularity of this cryptocurrency will grow more and more. In terms of global expansion, the press is reporting that a Bitcoin store has been opened in Croatia, which will allow this and other virtual currencies to be sold.

The Parabolic SAR continues to signal more weakness, although we still do not see a bearish cross of moving averages on the H1 chart. The price action could be suggesting that we are ahead of a fall that may extend below the lows of April 26. Meanwhile, the RSI indicator is close to the oversold area.

What do we expect?

According to our forecasts in the short-term, Bitcoin aims to make another bearish extension towards the Fibonacci level of 65% in 8349. There we could see a rebound that could lead the virtual currency to try new highs, with the first objective set in the highs of April 25 in 9609. If a break occurs at such levels, the BTC/USD pair would extend above the psychological barrier of the 10,000.

BitcoinH1.png

Similar

USD/JPY: bullish 'High Wave'

The main intraday target is the next resistance at 113.53, which could be a starting point for a bearish correction...

jpy

Popular

EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

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