The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
Bitcoin (BTC/USD) on the way to test the -23.6% Fibo zone
2019-11-11 • Updated
The Bitcoin has been inserted in an upward phase since the lows of February 25, thanks to the fact that cryptocurrency has found demand above the key barrier of 8500. This has helped the price action to point upwards and the resistance of 11339 could be the next obstacle to face in the short term.
It should be remembered that the Fibonacci target of -23.6% in 12985 is the area where take profit orders could be activated, which in theory liquidates the long sustained positions from the demand zone of 38.2% in 9407. For the moment, the Parabolic SAR is helping to pressure the BTC/USD pair in the short term.
What do we expect?
According to our forecasts in the H1 chart, the pair aims to continue with the bullish movement, although the resistance of 11339 could be the line in the sand to overcome during this week. Should this be achieved, the path would be cleared for the Bitcoin to visit the Fibonacci target of -23.6% at 12985. The RSI remains in negative territory and the MACD indicator is showing that the bears could have an opportunity to correct the current price.
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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