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Bitcoin (BTC/USD) inside a retracement in favor of the bulls
2019-11-11 • Updated
The bullish consolidation in Bitcoin remained alive during the Friday session and we could see that there was a break in the resistance level of 7586, now support. At the moment, cryptocurrency finds resistance in the 8033 area, where bears are appearing to make a bearish push in the coming days.
This movement should not be long, since as projected in the H1 chart. There is a retracement Fibonacci that is drawn from the lows of April 12, where precisely Bitcoin bounced on the 200-hour moving average. In addition, the Parabolic SAR is supporting the price action in the BTC/USD pair.
What do we expect?
According to our forecasts in the short-term, Bitcoin could enter a corrective phase that could extend to the 65% Fibonacci level in 7124, where we could observe a rebound that resumes the upward trend towards the Fibonacci level of -23.6 % in 8413. This movement would originate thanks to the break of the highs of April 13. On the downside, if the moving average of 200 hours comes to yield to the bears, the next obstacle to face would be in the support level of 6281.
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