Bitcoin is under pressure. The BTC/USD quotes are testing $10,000

Technical indicators:
  • Market Cap, billion: $172,29
  • % chg. over the week: -16.88
  • % chg. over the year: +952.89
  • 52 wk range: 891,3 – 19666

Since the beginning of this week, the main cryptocurrencies have shown a negative dynamics. On Friday, January 26, the BTC/USD quotes were under pressure due to a hacker attack on the main cryptocurrency exchange Coincheck in Tokyo. The hackers stole $530 million. There was information that South Korea enacted new cryptocurrency trading rules, which also undermined the position of the cryptocurrency in the market. Bitcoin on the Bitstamp exchange, which is based in Luxembourg, is testing a mark of $10.000 today.

The current technical pattern on BTC/USD
  • Support levels: 10000.00, 9000.00, 7500.00
  • Resistance levels: 11200.00, 12500.0, 14800.00

The BTC/USD quotes have been in a sideways trend for a long time. During the past two weeks, the key support and resistance levels were formed: 10000.00 and 12500.00, respectively. At the moment, bearish sentiment is prevailing.

Indicator signals point to the power of sellers:
- the price has fixed below 50 MA and 200 MA;
- the MACD histogram is in the negative zone and continues to decrease.

Trading recommendations

We recommend opening positions in the direction of the current trend. If the price fixes below the round level of 10000.00, it is necessary to consider sales of BTC/USD. The movement is tending potentially 9000.00-7500.00.

Alternative option. If the price fixes above the level of 11200.00, the BTC/USD quotes are expected to grow. The immediate goal of profit taking is 12500.00.

When following the positions, we recommend using a trailing stop.

by JustForex, 2018.01.31

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.

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