The Bitcoin Rate Is Recovering

Technical indicators:
  • Market Cap, billion: $128,92
  • % chg. over the week: +3,39
  • % chg. over the year: 233,72
  • 52 wk range: 1.830 – 19.666

In South Korea, the National Assembly proposed to allow ICO in the country, adhering to appropriate investor protection provisions. It should be recalled that the ICO ban was imposed in September 2017. This news caused bullish sentiment on the main cryptocurrencies. Demand for digital gold has grown significantly.

Today, the BTC/USD quotes at Bitstamp are testing a mark of $7,600.

The current technical pattern on BTC/USD
  • Support levels: 7400.00, 7200.00, 7100.00
  • Resistance levels: 7600.00, 7800.00, 8000.00
BTC/USD

At the moment, the cryptocurrency is consolidating. The key trading range is 7400.00-7600.00. In the near future we expect further growth of the BTC/USD quotes. The price and MACD indicator divergence, classical reversal formation of technical analysis, is the confirmation signal. Indicators also point to the power of buyers:
- The price has overcome 200 MA;
- The MACD histogram is located in the positive zone.

We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes above the resistance level of 7600.00, the Bitcoin rate is expected to recover. The immediate goal of profit taking is a mark of 7800.00. The movement is tending potentially to a round level of 8000.00.

Alternative option. If the price fixes below a mark of 7400.00, it is necessary to consider sales of BTC/USD. The target movement level is 7200.00-7100.00.

by JustForex, 2018.05.31

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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