Bitcoin (BTC/USD) looking to make another leg lower

Bitcoin (BTC/USD) looking to make another leg lower

2019-11-11 • Updated

Bitcoin had a bearish week and is consolidating the price action below the 200-hour moving average. At the moment, we are observing a perforation of the Fibonacci level of 38.2% in 9407, which would allow losses to the level of 50% in 8724, where the bulls could gain traction.

In the latest news about the Crypto world, the Bank of America gave some statements where it considers cryptocurrency as a "risk" when doing business. On the European side, Austria would be planning a new regulatory framework covering cryptocurrencies and ICOS, in a move similar to the regulation of Gold and commodities trading.

In the United States, more exactly in the state of Georgia, comes the news that taxpayers will be allowed to pay their taxes in Bitcoin, thus becoming the last state in the USA to allow this measure. In addition, it is necessary to remember that Venezuelan cryptocurrency Petro is already in pre-sale mode.

What do we expect?

According to our forecasts in the short term, the BTC/USD pair aims to make a bearish extension towards the Fibonacci level of 50%, where we could see a buying concentration that allows Bitcoin to resume the upward trend towards the target of - 23.6% in 12985. However, if the BTC breaks below the 8724 level, the fall would extend to 65% in 7856.



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.

Gurus  Bet on Deeper Correction
Gurus Bet on Deeper Correction

Warren Buffett, the American businessman and philanthropist, has put most of Berkshire Hathaway’s cash in short-term United States Treasury bills since they offer as much as 3.43% in yields. 

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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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