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Bitcoin (BTC/USD) strengthening the bearish path
2019-11-11 • Updated
The bearish trend in Bitcoin continues to be the protagonist in the price action since the movement has been extending in the last hours below the 200-hour moving average. The resistance of 17,161 has remained solid and it is possible that it continues to have such strength to help curb any attempt to rebound in cryptocurrency.
According to reports quoted in news agencies, the financial authorities of South Korea would be looking for the possibility of cooperating with the governments of China and Japan to establish a regulatory framework for the trading of cryptocurrency. In addition, in the United States, it is reported that the proposals to convert Bitcoin into an ETF have been withdrawn after the accolade given by the SEC.
What do we expect?
Our projections in the H1 chart suggest the BTC/USD pair has found resistance at the 65% Fibonacci level and now expects to fracture the key support of 13,618. It is possible then that the cryptocurrency falls towards the lows of December 30, which would further strengthen the bearish bias. The Parabolic SAR is favoring the bears in the short term and it is possible to continue extending until reaching the psychological level of 13,000. The RSI is in negative territory.
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.
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