2019-11-11 • Updated
The bulls have appeared again on the scene and are pushing the Bitcoin to play new weekly highs. During the session on Tuesday, we observed a break above the 200-hour moving average and it is important to note that the Fibonacci level of 78.6% in 7068 remained a firm support in the short term.
The Parabolic SAR is supporting the price action and it is possible that we will see future advances towards the Fibonacci level of 23.6% since it is the closest resistance zone. The MACD indicator still shows that there is bullish momentum to come, although it has not formed clear divergences.
What do we expect?
According to our forecasts in the H1 chart, the BTC/USD pair aims to continue in a bullish consolidation and is waiting to break the Fibonacci level of 38.2% in 9407. If it succeeds, the next target to face would be in 9407, where is the Fibonacci level of 23.6%. On the downside, a pullback could be limited by the dynamic support offered by the 200-hour moving average.
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