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Bitcoin (BTC/USD): corrective phase already done?

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During the weekend we were able to observe something important for the Bitcoin price action: support. The outlook seemed to be in favor of the bears in the short term, but during the day of March 11, the BTC/USD pair has encountered a strong barrier of buying contention that is causing the Fibonacci level of 65% in 7856 keep intact.

According to the H1 chart, the Parabolic SAR is in favor of the bulls and now we are seeing that the price could break above the Fibonacci level of 38.2% in 9407. If this is achieved, the cryptocurrency could go towards the 11339 resistance; zone that caused a weakening towards the psychological level of 8000.

What do we expect?

According to our forecasts in the short-term, the buy orders could remain active, since the volume is increasing and the MACD indicator is oscillating in positive territory. The next target would be the 200-hour moving average, which, if fractured, could allow gains to the key resistance of 11339. On the other hand, if the Bitcoin breaks below 7856, the pair could fall to the level Fibonacci of 78.6% in 7068.

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