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Bitcoin (BTC/USD): strong bids placed around 7,586
2019-11-11 • Updated
Bitcoin continues to find support above the 7586 level, where buyers are actively concentrated and trying to resume the upward bias in the short term. Currently, there is a slight consolidation below the 50-hour moving average, which suggests that the current formation is that of a bearish pattern.
In Denmark, Danske Bank has announced that it will prohibit the trading of cryptocurrencies on its platforms, although they will still allow credit card transactions to customers in general. In addition, a regulated entity of the United States has sent a reminder to its members to report all activities that concern cryptocurrency.
The Parabolic SAR continues in favor of the bulls, although we are observing that this indicator is showing signs of weakness for the short term. The resistance of 8041 continues being an important barrier to face, reason why the rupture of the level of 7586 will be key to determine the following way of the BTC.
What do we expect?
According to our forecasts in the short-term, the BTC/USD pair aims to enter a consolidation stage above 7586, so that buyers could help push upwards towards the 200-hour moving average as the first objective. However, if such support comes to cede, the Bitcoin could rush to the level of 7068.
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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