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Bitcoin (BTC/USD) trying to gather bullish momentum
2019-11-11 • Updated
The sellers are being held by the moving average of 200 and by the Fibonacci level of 50% in 8640. This movement occurs in the context of a correction of the sustained rebound up to 9609, in an attempt of the cryptocurrency to reach the psychological level of 10000. Now, the price action is accommodating around said moving average.
The MACD and RSI indicators are in favor of the strength of the bears in the short term, with the Parabolic SAR exerting pressure. It is feasible the idea that the mobile average loses buying power and may yield to sellers, but we must bear in mind that the overall bullish trend continues to be dominant in the short term.
What do we expect?
According to our forecasts in the short-term, Bitcoin will enter a consolidation phase where the bulls hope to gain ground in order to rebound towards the Fibonacci level of -23.6% in 10066. This move would occur once the BTC break the highs of April 25. On the downside, if we see a breach of the 65% Fibonacci level in 8349, we could see a fall to the lows of April 17 in 7671.
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