Bitcoin (BTC/USD): will extend the bearish bias?

Bitcoin (BTC/USD): will extend the bearish bias?

In the last days of weekly trading, we are observing a consolidation, which in turn has established a range contained by the 50-hour moving average. The Bitcoin is currently finding support at the level of 7997, where the Fibonacci zone is of 123.6%, according to the reading of cycles that we have made in the short term.

It is not at all a secret the cryptocurrency has seen the buyer interest vanish above the level of 8000, which weakens the instrument in the short term. Chinese billionaire Jack Ma has declared that the Blockchain technology is not a bubble, but he assured that Bitcoin could become one.

The buyer interest could reappear in the next few days, due to the technical context in which the BTC is located. However, it must be borne in mind that the Parabolic SAR continues to exert pressure and this can help new lows to be achieved. The RSI indicator is pointing downwards and remains in negative territory.

What do we expect?

According to our forecasts in the short-term, sellers still have strength and it is likely that price dynamics will behave in favor of this bias. If the support level of 7997 goes down, we could see a bearish extension to the level of 7587, where there is a strong buying concentration. However, rebounds could be limited by the 200-hour moving average.

BitcoinH1.png

Similar

Bitcoin (BTC/USD): a bottom could be found soon?

The bears were the main protagonists during the past week since the price action remained consolidated below the 200-hour moving average and we have seen that the cycle that we mentioned in previous reports could triple, according to our projections in…

Popular

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…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera