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Bitcoin (BTC/USD) remains under pressure in the short-term
2019-11-11 • Updated
The Bitcoin is making a bearish break amid the news concerning the regulation of cryptocurrency in South Korea and the actions of the SEC with respect to the ICOs that originate in the United States. On a technical level, the BTC prepares to break the lows of January 23 and it is possible that it will again test the Fibonacci extension of 61.8% at 9,259.
The Parabolic SAR continues to be in favor of the bearish price action, since it is below the 200-hour moving average and it is likely that we will see a bearish cross in the coming hours. It should be remembered that the BTC/USD pair is finding strong resistance at the level of 11,924 in the short term.
What do we expect?
According to our forecasts in the H1 chart, the cryptocurrency is opting to follow the bearish path in the short term and is approaching the Fibonacci zone of -23.6% at 8.507. If it manages to break that level, the Bitcoin could have a bearish acceleration towards the Fibonacci extension of 100% in 5,754. The RSI is in an oversold zone, although we expect it to remain within that territory.
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