Bitcoin (BTC/USD) poised to make a fresh bearish correction

Bitcoin (BTC/USD) poised to make a fresh bearish correction

2019-11-11 • Updated

The Bitcoin was favored by the bulls over the weekend, although the 8200 level has proved to be a strong contention barrier for buyers in the short term. This has allowed the cryptocurrency to consolidate below the 50-hour moving average, which could accommodate more falls in the coming days.

This movement would allow a correction of greater depth after the rebound experienced during the session of April 12. The fall could be extended to the 200-hour moving average, where buyers would be waiting to make another upturn. The Parabolic SAR is also favoring this bias.

The government of Malta is working to decide if the assets derived from the so-called initial coin offerings (ICO) can be considered as securities. On the other hand, the head of the Hong Kong's Securities and Futures Commission has adopted a "skeptical" tone regarding the development of ICOs in the Asian country.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair aims to make a correction in greater depth and it is likely that the 200-hour moving average will be reached very soon. There we expect demand to increase so that the upturn achieves a break from the highs of April 15th and so it will get in route to the resistance level of 8907.

BTCUSDH1.png

Similar

Will NETFLIX surprise investors?
Will NETFLIX surprise investors?

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.

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.

Latest news

European Currencies Ahead of the Banks' Statements
European Currencies Ahead of the Banks' Statements

On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.

Will the FOMC Surprise the Markets?
Will the FOMC Surprise the Markets?

The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?

What awaits the Oil Market in February?
What awaits the Oil Market in February?

Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera