2019-11-11 • Updated
Bitcoin keeps moving below the 200-hour moving average, which has allowed cryptocurrency to weaken in the markets, especially against the US dollar. From the 50% Fibonacci level we have seen that the BTC has encountered resistance, along with the 200 SMA mentioned in the H1 chart, which helps to add pressure to the BTC/USD.
The key support of 11,588 remains intact and is likely to remain that way for a few more days, due to the recovery that has been taking place since the December 30 session. The resistance of 13,618 continues to be key to the development of the trend in Bitcoin, in addition to the Parabolic SAR is reflecting a bearish condition.
What do we expect?
According to our projections in the short term, Bitcoin is going to stay in the corrective stage and still has air to continue with the bearish movement. The closest target is at the low of December 22 at 10,680, which should be fractured so that the crypto-currency falls to the Fibonacci target of -23.6% at 8,507.
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