Bitcoin (BTC/USD) with a strong support around 11.588

Bitcoin (BTC/USD) with a strong support around 11.588

Cryptocurrency continues to move in a lateral range around the 200-hour moving average and continues to be further depressed by the bearish price action, given that there are no new higher-level patterns across the board. The Parabolic SAR continues to favor an upward recovery in the short term, although it may be invalidated by a different price action.

The 11.588 support remains active and we may see rebounds around that area. The fundamental news continues to be the main catalyst for price movements in Bitcoin, as it is an asset that is very susceptible to the headlines that appear in the press regarding the regulation of the BTC in the global financial markets or the uncertainties generated by the geopolitical tensions.

What do we expect?

According to our projections in the H1 chart, the BTC/USD pair keeps pointing to levels below the important psychological barrier of 10,000 in the short term. Once the Bitcoin breaks below 10.680, we could point to the pair falling to the Fibonacci level of -23.6% at 8.507. The RSI remains in positive territory, favoring recoveries in the short term.

BTCUSDH1.png

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