Bitcoin (BTC/USD) looking to reach the 100% Fibo level

After having found resistance at the level of 19,757, Bitcoin has made a decline of about 6%, according to the contracts of the CME Group that this week debuted as trading assets. The 50-hour moving average is exerting dynamic pressure and has caused the BTC/USD to find support at the level of 18,188.

The latest news about cryptocurrency comes from the United Kingdom, as it has been announced that the Financial Conduct Authority (FCA) will begin to monitor the different ICOs that have been appearing in recent months significantly in recent months. In addition, the speculators are taking the current movement as a breathing space for the bulls to continue taking the reins of the BTC.

The optimism in Bitcoin is still high because thanks to its launch as a trading instrument it begins to attract institutional money that helps give impetus to cryptocurrency in a long-term vision. According to the current quote, the BTC is testing the psychological level of 18,000, which could be taken as a latent corrective movement.

What do we expect?

According to our forecasts, we still do not rule out the idea that the BTC/USD is going to try again the psychological support of 18,000, taking into account that the Parabolic SAR is weakening a bit. However, it should be noted that the uptrend line drawn from the December 10 lows is helping to give dynamic support and this may cause the Bitcoin to reach the Fibonacci extension of 100% in 20,504 in the coming days.

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Felipe Erazo