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

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

2019-11-11 • Updated

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.

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