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Bitcoin (BTC/USD) with bears limited in the 50% Fibo level
2019-11-11 • Updated
Bitcoin had a bearish day during the session on February 28, although according to the H1 chart, we are ahead of a consolidation above the 200-hour moving average, since there was a bullish cross with the 50-hour moving average. The Parabolic SAR is pushing the price action towards the Fibonacci level of 23.6% at 10252.
There is currently a reduction in the volume of operations, which is pushing the MACD indicator to the negative territory. However, the level of 10252 has proven to be a nut difficult to break in the short term, in addition to the price remains stable, although the status quo could change in the coming hours.
What do we expect?
According to our forecasts in the short-term, the BTC/USD pair aims to make another corrective move. However, bears should be limited by the Fibonacci level of 50% in 8724. That area has proven to be a strong demand zone, which could trigger buy orders to bring cryptocurrency to visit the Fibonacci target of -23.6% in 12985, according to our medium-term perspective.
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