Bitcoin (BTC/USD): strong support placed around $7,033

Bitcoin (BTC/USD): strong support placed around $7,033

2019-11-11 • Updated

The Bitcoin received a fresh impetus on the support offered by the Fibonacci level of 78.6% in 7033 and we are now expecting it to move towards the 200-hour moving average. This confirms the solidity of the aforementioned area and we could see a wider recovery in the coming days, although it is still not entirely certain.

It is important to note that the strength of the US dollar across the board could continue to limit the profits in cryptocurrency, so it is possible that a break in the lows of May 29 to continue extending the downtrend. The RSI indicator remains in the overbought area, favoring this scenario.

What do we expect?

According to our forecasts in the short-term, as long as the BTC remains below the 200-hour moving average, the support level of 7033 could be fractured to allow a fall towards the Fibonacci level of 100% in 6270. On the other hand, in case of a resistance break in 7587, the bullish force would unleash to take Bitcoin to the 8241 level.



Worst Awaits Risk Assets in September
Worst Awaits Risk Assets in September

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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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

TRADE IDEA: Technical Breakdown of Top Cryptos
TRADE IDEA: Technical Breakdown of Top Cryptos

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

CBDC: Technology of the Future or Dystopia?
CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

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