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Bitcoin (BTC/USD) looking for clues in the short and medium term
2019-11-11 • Updated
The volume of trading decreased during the weekend, although cryptocurrency was at the mercy of the bearish price action. The Fibonacci level of 78.6% in 7033 continues to provide support across the board and that is why we expect a recovery to follow the downward path in the short term, as the technical indicators are favoring this scenario.
An official of the Bank of Russia has expressed that it is still very premature and that there is a lack of information to evaluate the potential that Blockchain technology can have. Meanwhile, in China it has been announced that several universities plan to build a distributed and Blockchain-based organization to make educational resources more accessible.
What do we expect?
According to our forecasts in the short-term, Bitcoin remains technically bearish and we are likely to see a continuation of the general trend. The support level of 7033 will be an important pivot for this week because that is where the short and medium term trend would be defined. In case the cryptocurrency bounces at current levels, it could go towards the resistance level of 7587, where the 200-hour moving average is located.
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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