Bitcoin (BTC/USD): pointing to the upside from now on?

Bitcoin (BTC/USD): pointing to the upside from now on?

2019-11-11 • Updated

Bitcoin had a bearish day on Friday, although the price remained above the 200-hour moving average, which continues to provide dynamic support in the short term. Recall that the Fibonacci level of 50% in 8640 served as a solid pivot to boost the price action to the north.

PBoC researchers are aiming for a more centralized approach towards Blockchain technology. In Oceania, Australia's Securities watchdogs have revived their concerns about foreign ICOs, which are targeting Australian clients. While in South America, a Chilean court has ordered banks to reopen the accounts of several crypto exchanges.

The Parabolic SAR is also adding pressure on the BTC/USD pair, so we project more falls in the short term. This is compounded by the fact that the RSI indicator is entering the negative territory, although the MACD indicator remains in positive territory, which in the short term gives some air to cryptocurrency.

What do we expect?

According to our forecasts in the short-term, the rebound made on April 26 suggests that the Bitcoin could have gained enough momentum to search for a breach of the resistance level of 9609, which would clear the way for a testing of the 10066 level, which coincides with the Fibonacci level of -23.6%. However, we do not rule out the idea of a fall to 8349.

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