Bitcoin (BTC/USD) on its way to extend a leg lower

Bitcoin (BTC/USD) on its way to extend a leg lower

The reduction in the volume of buyers' trades has been the main protagonist of the price action in Bitcoin, as the resistance of 11339 remains firm and is a difficult barrier to break with the current momentum that we are observing in the short term. The psychological level of 10K is now presented as an area of interest for buyers.

There is currently a bearish cross of moving averages, although it is quite weak since cryptocurrency is looking to break the Fibonacci level of 23.6% in 10252 to allow more declines. We also observe a weakening of the MACD indicator, which is oscillating in negative territory.

What do we expect?

According to our forecasts in the short-term, Bitcoin is following a bearish trend due to a deeper correction. The short-term projection is for the BTC/USD pair to touch the psychological level of 10000, although the idea of finding a floor at the Fibonacci level of 38.2% in 9407 is not ruled out. On the upside, the target remains fixed at the level -23.6% Fibonacci in 12985.




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