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.

BTCUSDH1.png

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