Bitcoin (BTC/USD): will the Italian elections trigger buy orders in the crypto space?

Bitcoin (BTC/USD): will the Italian elections trigger buy orders in the crypto space?

2019-11-11 • Updated

Bitcoin continues to move within a recovery that it has been holding since February 25, with prospects to continue forward, even though the price action is weakening from the level of 10,800. The outbreaks continue northward and the 200-hour moving average remains below the current price.

In the latest news in the crypto space, a bank in Liechtenstein has been open to the possibility of allowing investments in cryptocurrencies by its customers, thus becoming one of the few banks in the world to allow this type of investment. On the other hand, the UK central bank has announced that the institution will strengthen its measures to combat money laundering with cryptocurrency.

The Parabolic SAR is favoring that the price of the BTC remains under pressure, although the losses could be limited by the 200-hour moving average. The Fibonacci level of 50% in 8724 continues to be the line in the sand that allows limiting losses in the short term.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair has managed to gain momentum in the aforementioned moving average, which is allowing it to gather strength to visit the key barrier of 11619 in the coming days. We must remain cautious about the elections to be held this Sunday in Italy, as it could trigger a demand for cryptocurrency and thus be able to rebound towards the target of -23.6% in 12985.

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