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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Choosing Currency Pairs in Forex Trading
The forex market is the most liquid one among other markets where banks, brokers, corporations, traders, investment and hedge funds actively participate in the exchanging operations and set the pace. In this article you will find out how to make this "currency choice" and meet your trading objectives.
Read more
The Best Time to Trade Forex in Malaysia
The forex market has its ups and downs throughout the day, meaning that the activity in the morning is completely different from the activity in the evening. As a trader, you want to enter the market at its most active hours. Read on to learn more about the most advantageous time for trading currency pairs in Malaysia.
Read more
What is the Best Time to Trade Forex in Indonesia
Your trading results depend on many things. One of them is the time of the day when you trade. This article is to help you build an optimal schedule for your profitable forex trades and find the best hours for trading forex in India.
Read more