Justmarkets | JUST COMFORTABLE TRADING

The "Digital Gold" Prices Are Consolidating. The Technical Pattern Is Ambiguous

Technical indicators:
  • Market Cap, billion: $109.48
  • % chg. over the week: +1,36
  • % chg. over the year: 44,17
  • 52 wk range: 2.977 – 19.666

Since the beginning of this week, Bitcoin has recovered some of the losses after a sharp fall in early August. The potential for growth is still high. Let’s consider the current news feed.

The U.S. Securities and Exchange Commission (SEC) has delayed the decision regarding Bitcoin-ETF. On August 7, a document was issued informing that the decision to launch VanEck/SolidX Bitcoin-ETF was postponed until September 30.

The Indian Government considers launching the crypto tokens for financial transactions in the country.

Today, the BTC/USD quotes are testing a mark of $6,350 on the Bitstamp exchange.

Current technical pattern on BTC/USD
  • Support levels: 6200.00, 6000.00, 5800.00
  • Resistance levels: 6500.00, 6900.00, 7100.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The key support and resistance levels are 6200.00 and 6500.00, respectively. Indicators do not send accurate signals:
- The price has fixed between 50 MA and 200 MA;
- The MACD histogram is in the positive zone, but has started decreasing.

It is advisable to open positions from the key levels.

Trading recommendations

A classic reversal formation of the price and MACD histogram divergence, has been formed on the trading instrument. If the price fixes above the resistance level of 6500.00, the Bitcoin rate is expected to recover. The immediate goal for profit taking is the 6800.00-6900.00 offer zone. The movement is tending to 7100.00-7300.00.

Alternative option. If the price fixes below 6200.00, it is necessary to consider sales of BTC/USD. The movement is tending to 6000.00-5900.00.

When following positions, we recommend using a trailing stop.

by JustMarkets, 2018.08.15

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Buka Akaun

Dapatkan Analisis Percuma

* ruang yang diperlukan
Artikel Terakhir
Semua Artikel
Apa Itu Gann Square?
Secara keseluruhan, Gann Square adalah alat unik dan rumit yang menawarkan pandangan mengenai trend pasaran dan pergerakan harga.
Baca lagi
Apa itu pendekatan Gunn?
Kaedah Gunn adalah satu pendekatan kepada perdagangan kewangan yang menggunakan kombinasi analisis teknikal, kitaran masa dan pola geometrik untuk meramalkan pergerakan harga dalam pasaran kewangan.
Baca lagi
Jangkaan Matematik dalam Perdagangan
Jangkaan matematik merujuk kepada hasil purata strategi perdagangan pada banyak perdagangan, dengan mengambil kira keuntungan dan kerugian. Ia adalah satu konsep statistik yang membantu pedagang menilai potensi keuntungan strategi mereka.
Baca lagi