Bitcoin Is Consolidating. Investors Expect Additional Drivers

Technical indicators:
  • Market Cap, billion: $130,16
  • % chg. over the week: -0,44
  • % chg. over the year: 182,5
  • 52 wk range: 1.830 – 19.666

Let’s consider current news feed on the cryptocurrency market.

The Indonesian Trade Ministry's Futures Exchange Supervisory Board recognized the cryptocurrency as a commodity and allowed crypto futures trading. This was reported by Dharma Yoga, the head of Bappebti market supervision and development bureau. It should be noted that the decree was signed after a four-month study on this issue.

Meanwhile, the US Securities and Exchange Commission (SEC) announced that Valerie A. Szczepanik was appointed as Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman and Associate Director of the Division of Corporation Finance.

Today, the BTC/USD quotes on the Bitstamp exchange are testing a mark of $7,700.

The current technical pattern on BTC/USD
  • Support levels: 7400.00, 7000.00
  • Resistance levels: 7800.00, 8200.00, 8600.00
BTC/USD

Since the beginning of this month, the BTC/USD quotes have been in a sideways trend. A unidirectional trend is not observed. During this period, the following key support and resistance levels were formed: 7400.00 and 7800.00, respectively. Indicators do not send accurate signals:
- The price has fixed between 50 MA and 200 MA;
- The MACD histogram is near the 0 mark.

Financial market participants expect additional drivers. We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the key resistance level of 7800.00, the "digital gold" prices are expected to rise. The movement is tending potentially to 8200.00-8600.00.

Alternative option. If the price fixes below a mark of 7400.00, it is necessary to consider sales of BTC/USD. The immediate goal of profit taking is 7200.00-7000.00.

by JustForex, 2018.06.06

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
Full Guide to Forex Trading in South Africa
Forex trading is a popular form of short-time investment and a source of additional or main income for many people all over the world. Forex trading is available in South Africa, but many potential traders just do not know how to make the first steps in this field. This full beginner’s guide explains the base of Forex and its key terms.
Read more
How to Learn Forex Trading for Beginners in 2022
We want to present a guide for beginner Forex traders that will give the main ideas on how to start Forex trading in the most effective way and how to earn on purchasing and selling currencies. Professional traders have designed the Forex trader tutorial whose extensive experience helped optimize its structure and content. It offers all the necessary information to start your trading journey in 2022.
Read more
Social Trading vs. Copy Trading
The Forex market is full of complex terms and definitions that look like a total mess for a novice. There is no surprise that some traders do not see the difference between copy trading and social trading. This article explains the difference, discusses pros and contras, and the best platforms for these types of trading.
Read more