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Bitcoin (BTC/USD): last chance for the bulls?
2019-11-11 • Updated
It seems that there is a truce between buyers and sellers in the short term because the Bitcoin is moving around the 200-hour moving average, which could exercise dynamic resistance in the short term. In previous reports, we addressed the idea that cryptocurrency fractured a bearish channel in the H1 chart.
However, this break may not have enough momentum to continue moving upwards. We will have to see how the price action behaves in the next few hours since the Parabolic SAR seems to be pointing to more gains in the short term and the 100-hour moving average is approaching the current price.
As for the crypto space news, the Russian government has finally resolved a disagreement on a draft of a law that regulates cryptocurrency. On the Latin American side, the United States has issued an executive order that prohibits US citizens from buying Venezuelan cryptocurrency Petro.
What do we expect?
According to our forecasts in the short-term, Bitcoin is in a decisive stage for the bulls, since if a bullish cross of moving averages is confirmed, we could see an advance in the direction of the highs of March 12, the which coincide with the Fibonacci level of 38.2% in 9407. On the downside, if the BTC/USD pair breaks below the low of March 18, it could go for the psychological level of 6000.
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