Bitcoin (BTC/USD): upside potential remains high

Bitcoin (BTC/USD): upside potential remains high

As expected after a strong rebound, Bitcoin has made a correction from the highs of December 8 and the price action is consolidating around the 200-hour moving average, which remains dynamic support. During the session of December 10, the BTC/USD has performed a rebound from the Fibonacci level of 50% at 12,979.

The latest news regarding cryptocurrency comes from one of the main business markets of Gold, APMEX, which has announced that it will begin accepting payments in Bitcoin, as well as the popular ads website in the United States, Craigslist. These headlines help add confidence in Bitcoin across the board.

In other news, the Australian Transaction Reports and Analysis Center has announced that it will begin to monitor BTC exchanges, amid anti-money laundering and counter-terrorism policies that the Australian government has been pushing. This, combined with the announcement of the CME Group to include Bitcoin in the futures market, helps the Bitcoin to attract more interest from different governmental entities in the world.

What do we expect?

According to the H1 chart, the BTC/USD pair has made a correction in three waves towards the 200-hour moving average, which coincides with the demand zone offered by the Fibonacci levels projected from the lows of November 30. until the highs of December 8. With that said, the upside potential continues to be considerable and it is not ruled out that it will make another extension towards the Fibonacci level of -23.6% in 19,114. The RSI continues to move within positive territory, which strengthens the bullish bias projected in the H1 chart. In addition, Bitcoin remains supported on a trend line drawn from the lows of November 12.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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