Bitcoin (BTC/USD) still holding the 12K milestone

Bitcoin (BTC/USD) still holding the 12K milestone

2019-11-11 • Updated

The Bitcoin continues to move within a stage of indecision against the US dollar since the support of 12,852 remains intact and continues to provide support. Technically, cryptocurrency is facing the 200-hour moving average, which could be maintained to exercise dynamic resistance on the pair, since it also coincides with the Fibonacci level of 38.2%.

It is interesting to note that the sustained movement from the highs of January 7 is being taken as a corrective in favor of the bulls, although the Fibonacci retracement suggests that the BTC could reach new lows in the financial markets.

What do we expect?

According to our forecasts in the H1 chart, we expect that Bitcoin will continue to strengthen the bearish bias in the short term, as long as it remains below the 200-hour moving average. If the cryptocurrency reaches break the 12.852, the downtrend could be strengthened so that it will visit the Fibonacci level of 0% in 10,680.

BTCUSDH1.png

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