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Bitcoin (BTC/USD) trading inside a bearish channel
2019-11-11 • Updated
The bears are not giving up in terms of price action in Bitcoin, also invalidating the hypothesis we had raised with the Fibonacci retracement projected in the H1 chart. We are currently observing the formation of a bearish channel, which is suggesting that cryptocurrency still has room for more falls in the short term.
According to a report known during the weekend, the central bank of Kazakhstan would be evaluating the possibility of banning cryptocurrency in all its edges. This includes mining, exchange and trading of the same. In the American continent, one of Chile's main banks, Banco Estado, has announced the closure of bank accounts, owned by crypto exchangers.
The price action is consolidating below the 50-hour moving average, which offers dynamic resistance across the board. The Parabolic SAR is showing some weak signals of a support found for the next hours, which would indicate an attempt by the bulls to want to resume the upward trend.
What do we expect?
According to our forecasts in the short-term, Bitcoin is finding demand in the support level of 6281, which could give way to allow further declines towards the next key support at 5475. On the other hand, should the bearish channel If it were to be fractured upwards, the road would be cleared to reach the 200-hour moving average at 7586.
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