Bitcoin's Capitalization Has Exceeded $160 Billion

Technical indicators:
  • Market Cap, billion: $162.38
  • % chg. over the week: +21.25
  • % chg. over the year: +1206.41
  • 52 wk range: 721 - 9721

Bitcoin has set a new record once again. At the moment there are aggressive purchases. Today, the BTC/USD quotes on the Bitstamp exchange, which is based in Luxembourg, reached $9700. Bitcoin capitalization exceeded the blue chips of the US stock market: General Electric Company (#GE), The Walt Disney Company (#DIS) and McDonald's Corporation (#MCD). Demand for digital currencies remains at a very high level.

The current technical pattern on BTC/USD
  • Support levels: 9400.0, 9000.0, 8600.0
  • Resistance levels: 9720.0
BTC/USD

The BTC/USD quotes have the potential for further growth. Nevertheless, it is recommended to open positions from the key support and resistance levels. In the near future, a technical correction is not ruled out. At the moment Bitcoin is consolidating in the range of 9400.0-9720.0. Near the upper limit of the range, a classic pattern of the Price Action, Bearish Engulfing, emerged, which signals a bearish sentiment in the short term.

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA.

The MACD histogram has moved to the negative zone and continues to decline, which indicates a correction of BTC/USD.

Trading recommendations

If the price fixes above the resistance level of 9720.0, we recommend looking for entry points to the market to open long positions. The immediate goal of fixing profits is the round level of 10000.0.

Alternative option. If the price fixes below the 9400.0 mark, we expect the correction of BTC/USD. The movement is tending to the round level of 9000.0.

by JustForex, 2017.11.27

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more