2019-11-11 • Updated
Bitcoin has entered a consolidation phase that has been maintained over the weekend, with gains limited by the resistance of 8906. The 200-hour moving average seems to be giving Cryptocurrency bullish momentum to continue on its way above of the key level of 10000, after having found support on the Fibonacci zone of 78.6%.
The Parabolic SAR is calling for additional pressure on the BTC/USD pair, bearing in mind that a break in the moving average could clear the way to revisit the Fibonacci level of 78.6%. In addition, the 50-hour moving average is flat and this is an indicator that the price action could be maintained in sideways.
What do we expect?
According to our forecasts in the short-term, as long as the Bitcoin remains above the 200-hour moving average, we can expect additional gains for us to see a resistance break of 8906 and thus rebound towards the Fibonacci level of 38.2% in 9407. On the downside, if the March 23 lows come to give in front of the bears, the BTC could fall back towards 7068.
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