The BTC/USD Quotes Are Tending Potentially to Correct

Technical indicators:
  • Market Cap, billion: $113,88
  • % chg. over the week: +1,38
  • % chg. over the year: 153,33
  • 52 wk range: 1.830 – 19.666

Since the beginning of this week, the main cryptocurrencies have been recovering. On Monday, June 18, Bitcoin rose in price more than 3.5%. Let’s consider the current news feed.

CEO of UBS Group AG Sergio Ermotti supported blockchain technology, saying that the blockchain is “almost a must” for business. According to his opinion, the technologies can improve the efficiency of companies, thereby reducing costs for particular operations.

As it became known, on Wednesday, the South Korean cryptocurrency exchange Bithumb was hacked. It is reported that about $30 million in virtual coins were stolen.

Today, the BTC/USD quotes on the Bitstamp exchange are testing a mark of $6.630.

The current technical pattern on BTC/USD
  • Support levels: 6600.00, 6400.00, 6200.00
  • Resistance levels: 6700.00, 6900.00, 7200.00
BTC/USD

At the moment, Bitcoin is consolidating. The potential for further recovery remains. The trading instrument is testing local support and resistance levels: 6600.00 and 6700.00, respectively. Indicators do not send accurate signals:
- The price has crossed 50 MA and 200 MA;
- The MACD histogram is located near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the 6700.00 mark, further correction of the BTC/USD quotes is expected. The immediate goal of profit taking is the resistance level of 6900.00. The movement is tending to 7200.00-7400.00.

Alternative option. If the price fixes below the support level of 6600.00, it is necessary to consider sales of BTC/USD. The immediate goal of profit taking is the 6400.00 mark.

by JustForex, 2018.06.20

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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