Bitcoin (BTC/USD) still has bullish potential

Bitcoin (BTC/USD) still has bullish potential

2019-11-11 • Updated

The Bitcoin is having an upward momentum from the lows of February 25, approaching the 200-hour moving average, according to what we can see in the H1 chart. This is due to the demand that the cryptocurrency has managed to concentrate around the psychological level of 9400 in the short term, so now the outbreaks would be placed on the way to the north.

The Parabolic SAR is supporting the price action after having helped the BTC pullback from the highs of February 21st. The Fibonacci level of 38.2% in 9407 is the line in the sand that the BTC/USD pair should fracture in order to decide the next path in the short and medium term, according to the current price action.

What do we expect?

According to our forecasts in the H1 chart, the BTC/USD pair aims to continue with the bullish movement and once we see a break of the level of 10252, which corresponds to the Fibonacci zone of 23.6%, the cryptocurrency could get in route to visit the Fibonacci target of -23.6% in 12985, once a break in the highs of February 21 occurs.

BTCUSDH1.png

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