Bitcoin (BTC/USD) still undecided, hovers around a key resistance

Bitcoin (BTC/USD) still undecided, hovers around a key resistance

2019-11-11 • Updated

The price action in Bitcoin continues to be tight and profits remain limited in the short term. The cryptocurrency is above the 50-hour moving average, which is pointing to a neutrality. The support offered by the Fibonacci level of 23.6% is a key pivot for the development of the general trend.

In a statement to CNBC, the winner of the Nobel Prize in Economics in 2013, Robert Shiller, affirmed that he still perceives Bitcoin as a "bubble", although he assures that may "be with us for a while". This means a slight change in the position that has been taking with respect to the BTC, which to a certain extent generates confidence with respect to the strength of cryptocurrency.

The technical readings in the short term reflect a Parabolic SAR that offers support temporarily, in addition to the 200-hour moving average is approaching little by little the current price. It is necessary to remember that the resistance level of 8033 is an area of ​​interest for sellers, so pullbacks are not ruled out at current levels.

What do we expect?

According to our forecasts in the H1 chart, Bitcoin could remain confined to the current trading range over the weekend, bearing in mind that the target set at the Fibonacci level of -23.6% in 8706 is still an important area to face. On the other hand, if the support level of 7587 comes to give way, then we could be in front of a fall to the Fibonacci level of 65% in 7089.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.

Latest news

The Singapore Dollar: a Dark Horse Among Exotic Currencies?
The Singapore Dollar: a Dark Horse Among Exotic Currencies?

In September 2022, USDSGD almost retested its peak of March 2020.  The pair spiked above the 1.4400 level, driven by the strong US Dollar. Despite the obvious dominance of the USD, analysts believe that the Singapore dollar may be the one exotic currency worth our attention. Why do they share this opinion, and should we believe them?

It’s Time to Look at New Zealand
It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera