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Bitcoin (BTC/USD) strengthening the bearish bias
2019-11-11 • Updated
The bleeding of Bitcoin across the board is still latent and we have seen a break of the support level of 7587. This is clearing the way for the cryptocurrency triplicates the cycle that we mentioned in reports and somehow we see how it has been validated dynamic resistance offered by the 200-hour moving average.
The government of India is considering implementing a new tax on cryptocurrency trades, according to press reports. In addition, in the same continent, Singapore has proposed the idea of a regulatory framework for decentralized exchanges, which encourages to a certain extent the adoption of Blockchain technology.
The Parabolic SAR is now showing signs of continuing to press down and the MACD indicator is in negative territory, although we have to take into account the oversold levels that the RSI is reflecting in the H1 chart. Therefore, the idea of a rebound that allows to correct the cycle started from May 21st is not ruled out.
What do we expect?
According to our forecasts in the short-term, the closest target is in the Fibonacci extension of 200% in 7236. If we can see a break in that area, it is likely that the fall will extend to the 6500 level. However, in case of making a corrective move and breaking again above 7616, the BTC/USD pair could point towards the 200-hour moving average once again.
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