Bitcoin (BTC/USD) pointing upwards in the short term

Bitcoin (BTC/USD) pointing upwards in the short term

2019-11-11 • Updated

Finally, the opportunity has arrived that the bulls have been waiting for several days and the Bitcoin managed to break the resistance in 6926 and now we are seeing that the level of 7586 is serving as a barrier of contention for buyers in the short term. This move could be validating the idea of ​a bullish consolidation for several more days.

In the latest news around crypto space, investment funds such as George Soros and the Rockefeller family have turned to the cryptocurrency trading. In addition, it has been announced that a Chinese blockchain fund has at its disposal $1.6 billion dollars to invest in emerging and innovative companies, taking into account that 30% of this fund is being supported by local authorities.

It is important to remember that the 50-hour moving average is making a significant crossover, which supports the idea of further gains in the BTC. The resistance level of 7586 is now shown as the important obstacle to be faced in the short term and the projected trend line in the H1 chart provides support for falls dynamically.

What do we expect?

According to our forecasts in the short-term, Bitcoin is expected to break the 7586 level in order to get to the 8906 level in the coming days. However, due to the nature of the recent rally, it is likely that the BTC enters a consolidation phase that allows the correction of such rally. The closest support level rests on 6926, which was previously a resistance level.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

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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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

TRADE IDEA: Technical Breakdown of Top Cryptos
TRADE IDEA: Technical Breakdown of Top Cryptos

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

CBDC: Technology of the Future or Dystopia?
CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

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