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.

BTCUSDH1.png

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