The BTC/USD Quotes Continue to Recover

Technical indicators:
  • Market Cap, billion: $186,02
  • % chg. over the week: +36,14
  • % chg. over the year: 900,52
  • 52 wk range: 891,3 – 19,666

The main cryptocurrencies continue to recover after a sharp decline from the beginning of this year. Over the past week, the growth of the BTC/USD quotes exceeded 35%. It is supported by an optimistic news feed. The US regulators reported about the support for the digital currency market and the need to regulate it in order to protect investors. News about the development of the crypto trading in South Korea and the active opening of new exchanges in the country positively influenced on the rate. Today, the BTC/USD quotes on the Bitstamp exchange, which is based in Luxembourg, are testing the $11,000 mark

The current technical pattern on BTC/USD
  • Support levels: 10000.00, 9000.00, 8000.00
  • Resistance levels: 11000.00, 12000.00, 13000.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The price is testing the key resistance level of 11000.00. The 10000.00 level is already a "mirror" support. The trading instrument has the potential for further growth.

The signals of the indicators are different:
- the price has fixed above 50 MA and 200 MA, which indicates the power of buyers;
- the MACD histogram began to decline.

Nevertheless, positions should be opened in the direction of the current trend.

Trading recommendations

If the price fixes above the key resistance level of 11000.00, we recommend considering purchases of BTC/USD. The immediate goal of profit taking is the mark of 12000.00. The movement is tending potentially to 13000.00. When following the positions, we recommend using a trailing stop.

Alternative option. If the price fixes below the "mirror" support of 10000.00, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to 9000.00.

by JustForex, 2018.02.19

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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