Bitcoin Stopped to Recover

Technical indicators:
  • Market Cap, billion: $174,24
  • % chg. over the week: +1,95
  • % chg. over the year: 754,68%
  • 52 wk range: 891,3 – 19,666

During last trading sessions, the main cryptocurrencies show a negative dynamics. The BTC/USD quotes failed to fix above $11,000. Today, Bitcoin on the Bitstamp exchange, which is based in Luxembourg, is testing the $10,200 mark. This movement was mostly caused by technical factors. It should be recalled that since the beginning of this month the main cryptocurrencices has begun to recover. Support was provided by an optimistic news feed.

The current technical pattern on BTC/USD
  • Support levels: 9750.00, 9000.00, 8000.00
  • Resistance levels: 10700.00, 11700.00, 13000.00

At the moment, the technical pattern on BTC/USD is ambiguous. The following key support and resistance levels can be identified: 9750.00 and 10700.00, respectively. In the near future, we do not exclude the further recovery of the BTC/USD quotes.

Indicators do not send accurate signals:
- 50 MA crossed 200 MA;
- the MACD histogram is located in the negative zone.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 10700.00, further growth of BTC/USD is expected. The immediate goal of profit taking is the mark of 11700.00. The movement is tending potentially to 13000.00.

Alternative option. If the price fixes below the support level of 9750.00, we recommend you to look for entry points to the market to open short positions. The movement is tending potentially to 9000.00-8000.00.

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

by JustForex, 2018.02.23

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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