Bitcoin (BTC/USD) still struggles to find a direction

Bitcoin (BTC/USD) still struggles to find a direction

2019-11-11 • Updated

The price action in Bitcoin has not shown interesting signs of trading and the recently established levels of support and resistance are still intact in the short term. In the case of the 6926 level, the bulls have not gained enough momentum to consolidate above the 200-hour moving average.

On the other hand, the support level of 6281 continues to block the advance of the bears in the short term, which adds some uncertainty to the structure in the short term. The highs of April 9 continue to be difficult obstacles to overcome, although in case they are broken, the cryptocurrency would be in a bullish tone.

The financial agency of Japan released a report with local statistics on cryptocurrency trading in the country, this being the first report of this nature that is published in the country of the rising sun and there you can read that Japan could have more than three millions of crypto traders. According to the agency, this report clears more the panorama in the crypto space to understand the dynamics of this emerging market.

What do we expect?

According to our forecasts in the short-term, Bitcoin is expected to remain confined to a narrow range set by the levels of 6926 and 5281 in the short term. The break of the last mentioned level suggests that the falls could extend to the level of 5475. We could confirm an upward trend when the cryptocurrency breaks above the highs of April 3.

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