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

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

2019-11-11 • Updated

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.

BTCUSDH1.png

Similar

Trade Ideas on September  6-10
Trade Ideas on September 6-10

Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…

Latest news

What To Trade On May 23 - 27?
What To Trade On May 23 - 27?

Last week blew traders' minds!  The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday…

Can a recession be avoided? 
Can a recession be avoided? 

The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession. 

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera