Bitcoin (BTC/USD) with a negative tone for the coming days

Bitcoin (BTC/USD) with a negative tone for the coming days

2019-11-11 • Updated

Thursday was also a day where bears dominated the price action in the cryptocurrency and now it seems that the spotlights are pointing towards the Fibonacci level of 78.6% in 7033. The 50-period moving average continues to exercise as dynamic resistance across the board, so the current structure could be maturing soon.

It is necessary to remember that the Parabolic SAR continues to be in favor of the bearish trend, which suggests more falls for the next few days. The MACD indicator continues in negative territory, favoring the bears for the time being, while the RSI is in an oversold zone, which could be a sign that a bullish rebound is imminent.

What do we expect?

According to our forecasts in the short-term, Bitcoin follows the bearish path and is projected to reach the Fibonacci level of 78.6% in 7033. There we expect a rebound to take place to resume the upward trend and thus be able to point towards the highs of the 4 of May in 9837. If the level of 7033 comes to give in front of the bears, the fall could extend to the level of 6270.

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