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Bitcoin (BTC/USD) looking for the consolidation above 10,000
2019-11-11 • Updated
The bulls have resumed the reins of Bitcoin during the day of Thursday and we are currently seeing a consolidation above the 200-hour moving average, where a bullish crossover is currently taking place. Because cryptocurrency made a break from the highs of April 29, the BTC/USD pair aims to reach the highs of April 25 in 9609.
In the latest news about crypto space, Goldman Sachs has announced that Bitcoin futures trading will start where the firm will use its own money on behalf of its clients. In China, national radio has questioned the transparency of Bitcoin futures trading, while Reddit announced that it will re-launch payments through BTC.
The Parabolic SAR is favoring the uptrend in the short term, helped in part by the MACD indicator, which is moving in positive territory. However, we must bear in mind that the RSI indicator is in overbought territory, which adds some strength to the current levels where Bitcoin is moving.
What do we expect?
According to our forecasts in the H1 chart, since there was already a rebound on the Fibonacci level of 50% in 8640, Bitcoin is expected to continue prolonging the bullish bias to try to break the highs in 9609. If that scenario it happens, all the focus would be set at the Fibonacci level of -23.6% in 10066, where take profit orders would be activated.
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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