Bitcoin is tending to recover

Technical indicators:
  • Market Cap, billion: $139,88
  • % chg. over the week: +27,34
  • % chg. over the year: 650,86%
  • 52 wk range: 891,3 – 19,666

This week, Bitcoin held a key mark of $6,000, which caused a price recovery after a fairly long correction from the beginning of this year. The rise in the Bitcoin and other digital currencies prices began after a positive report of regulators to the US Senate Committee on Banking. The chairmen of the US Securities and Exchange Commission and the US Commodity Futures Trading Commission spoke for the need to protect consumers, but not to prevent the introduction of innovative technologies. Today, the BTC/USD quotes on the Bitstamp exchange, which is based in Luxembourg, are testing the $8.300 mark.

The current technical pattern on BTC/USD
  • Support levels: 8000.00, 7500.00, 6000.00
  • Resistance levels: 8650.00, 10000.00 12000.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The nearest resistance is at the mark of 8650.00. The round level of 8000.00 is already a "mirror" support. The MACD indicator began to rise and moved to the positive zone, which indicates the power of buyers. Bitcoin is tending to recover.

Trading recommendations

If the price fixes above the local resistance of 8650.00, the BTC/USD quotes are expected to grow. The immediate goal of profit taking is the offer zone of 9500.00-10000.00. We do not exclude that in the medium term, the price may reach a key resistance of 12000.00. When following the positions, we recommend using a trailing stop.

An alternative option. If the price fixes below the 7500.00 mark, it is necessary to consider sales of BTC/USD. The movement is tending potentially to the support level of 6000.00.

by JustForex, 2018.02.09

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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