Bitcoin (BTC/USD) with strong bids around $8,916

Bitcoin (BTC/USD) with strong bids around $8,916

2019-11-11 • Updated

Bitcoin is taking a break around the support level of 8916, where the Fibonacci zone is at 78.6%, positioning itself in a perspective that could turn bullish for the next few days. This on the understanding that the price is consolidating above the 50-hour moving average and the outbreaks could point upward.

However, we are still seeing a consolidation below the 200-hour moving average and cryptocurrency would have to break the strong resistance at the Fibonacci level of 50% in 9251 in order to validate the bullish hypothesis. The RSI indicator remains in positive territory, which favors the bulls for the next few days.

What do we expect?

According to our forecasts in the short-term, the BTC would have to break above 9251 in order to point towards the highs of May 5 in 9837, where the bulls would be looking to reach the Fibonacci level of -23.6% in 10114. If we came to observe a consolidation above the psychological barrier of the 10000, the action of the price would lead the Bitcoin to visit the level of 11000.

BitcoinH1.png

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