Bitcoin (BTC/USD): looking for a consolidation below 10K?

Bitcoin (BTC/USD): looking for a consolidation below 10K?

2019-11-11 • Updated

Bitcoin continues to move in a bearish bias around the 10,000 mark in the short term. It is worth mentioning that the support of 9.259 continues to be a key support for the BTC/USD pair to keep the gains above the aforementioned level. It must also be borne in mind that the 200-hour moving average is slowing the advance.

There were no significant catalysts behind the declines recorded during the session on Monday and Tuesday, but the uncertainty remains about the establishment of regulatory frameworks in cryptocurrency in various parts of the world. During Tuesday, the South Korean government announced that it will write down the anonymous trading accounts that operate with cryptocurrency.

What do we expect?

According to our forecasts in the H1 chart, the Parabolic SAR shows us that the bearish price action is still dominant in the BTC movements and it is possible that in the next few hours it will test the support of 9.259. If it manages to fracture this zone, the doors would open to visit the Fibonacci level of -23.6% in 8,507. The RSI indicator remains in negative territory.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.

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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

TRADE IDEA: Technical Breakdown of Top Cryptos
TRADE IDEA: Technical Breakdown of Top Cryptos

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

CBDC: Technology of the Future or Dystopia?
CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

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