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Bitcoin (BTC/USD): unstoppable and looking for fresh highs
2019-11-11 • Updated
Bitcoin is not giving the bears a truce and we have been seeing how it is consolidating above the psychological barrier of 14,000. The 200-hour moving average continues to guide the asset path in the short term and in very short periods of time we have seen slight attempts for sellers to take control of the BTC/USD.
The recent geopolitical tensions and the high demand for cryptocurrency worldwide are helping to give momentum in the short and medium term and it would not be surprising if we see higher levels. According to the Parabolic SAR put on the H1 chart, the bulls are trying to regain control of the situation with an enveloping candlestick.
We have seen in the past a rebound of Bitcoin on the 50-hour moving average and this break allowed it to gain momentum to move forward, which gives even more strength to the upward bias in the short and medium term. It is advisable to follow the latest news regarding the capitalization of Bitcoin globally since traders are relying on this type of guides to project the short-term goals in cryptocurrency.
What do we expect?
As we have mentioned previously, Bitcoin is expected to reach the psychological target of 15,000 in the coming hours. There is still no depletion in the oscillators in the short term, such as the RSI indicator, which is showing support for the higher minimums that cryptocurrency has been forming in the short term. We could be ahead of the formation of a bullish divergence in the RSI, which favors more increases in the BTC/USD, but what is certain is that we do not see a clear consolidation of the overbought in this indicator, at least in the H1 chart.
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