There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
Bitcoin (BTC/USD) still undecided, hovers around a key resistance
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.
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