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Bitcoin (BTC/USD) still with the focus to the downside
2019-11-11 • Updated
The Bitcoin remained stable over the weekend and is that the price action was limited due to the lack of fundamental catalysts that could trigger volatility. For the time being and as we had foreseen, cryptocurrency found support at the level of 8232, which is a 100% Fibonacci zone, which allowed the duplication of a cycle initiated on May 5.
Due to this floor found in the short term, it is possible that the BTC will extend its upward movement, although at the moment the 200-hour moving average continues to exert pressure and is also guiding the price. The Parabolic SAR is beginning to show signs that the upside move could extend beyond the 200 SMA at H1 chart.
What do we expect?
According to our forecasts in the short-term, cryptocurrency is expected to enter an upward corrective stage that could allow a rebound towards the 200-hour moving average. In case Bitcoin finds resistance in that area, it is likely that the drop will extend to the support level of 7616, where the Fibonacci level is of 161.8%. The RSI remains in positive territory, which suggests that this upward movement could happen in the coming hours.
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