Forex news and forex forecasts

11/07/2019 18:141

BTC/USD targets $8,8002

As we are drawing closer to the end of the week, cryptocurrencies have finally decided to correct and get out of the recent stagnation. The extent of the falls is usual in this market – and it is surprising that anybody is surprised. A wide trading range is the nature of this market – both to the upside and to the downside. The red that stains the portfolios should not distract the exciting situation that presents itself in the duality Bitcoin vs. Altcoins. The impact of the falls in the latter is being accelerated and are in more advanced stages of the consolidation phase. When defining probable scenarios, the data above helps to develop a scenario in which Altcoins complete the process before the Bitcoin does, and even begin to climb while Bitcoin continues in the consolidation phase. BTC/USD is reliable and despite the declines is in the upper range of the current bullish scenario. Wednesday’s attempt to attack new highs exhausted King Bitcoin that began falling by sharply by midday – a possibility already contemplated in the previous article. Today it has hit $11,500 in price congestion support, and for now, it bounces back up in an increasingly bearish environment. The next level of support for BTC/USD is at $10,650 (price congestion support) and the third one at $9,650 (price congestion support and EMA50). The ultimate goal of this consolidation process would be around $8,800.3