The stock market has reversed, and now it’s going lower and lower…
Bitcoin (BTC/USD) with buyers highly active around 8,700
2019-11-11 • Updated
The Bitcoin keeps the supports found during the weekend, which helped the formation of a double bottom pattern in the H1 chart. The consistency of the price suggests that buyer interest has been appearing gradually and that is why the 65% Fibonacci level remains an important area for the cryptocurrency's price action.
On the other hand, the Parabolic SAR is beginning to show bearish signs, besides that BTC remains below the 200-hour moving average. However, we have not seen the formation of new lows below the aforementioned double bottom, although the MACD indicator suggests more falls.
What do we expect?
According to our forecasts in the short-term, Bitcoin aims to remain in a bearish consolidation, although with this we do not mean that the bears will strengthen, as we think otherwise. If cryptocurrency reaches breaking above the Fibonacci level of 23.6% in 10252, we could see an advance towards the key resistance of 11339. The RSI indicator is close to the neutral territory.
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