Bitcoin (BTC/USD) opening the doors for a lower extension

Bitcoin (BTC/USD) opening the doors for a lower extension

2019-11-11 • Updated

As we had anticipated in previous reports, Bitcoin has finally made a break of the important level of support at 12,852 and is now on track to reach the Fibonacci level of 0% at 10,680, which could mean a bearish continuation that will allow to consolidate the price action in favor of the bias in the short term.

The latest news about cryptocurrency comes from Qatar, where the central bank has announced that it will begin to consider the issue of virtual currencies. In addition, Maersk and IBM have announced that they will launch a blockchain platform for global commerce, reports the Reuters news agency.

The 200-hour moving average continues to provide dynamic resistance, in addition to the Parabolic SAR is on the bearish side, according to what we see in the H1 chart. It will be important then to see how the price action develops from the current inflection point.

What do we expect?

According to our forecasts for the short term, the BTC/USD pair aims to form a lower low pattern; a movement that could allow a bearish extension towards the Fibonacci level of -23.6% in 8,507. In case of bouncing at current levels, the Bitcoin is expected to reach the 200-hour moving average again, with the aim of gaining traction to go down.

BTCUSDH1.png

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