The BTC/USD Quotes Have Been Recovering. The Potential for Growth Remains

Technical indicators:
  • Market Cap, billion: $115,16
  • % chg. over the week: +4,90
  • % chg. over the year: 153,47
  • 52 wk range: 1.830 – 19.666

Bitcoin shows positive dynamics. Over the past week, "digital gold" rose in price by more than 4.5%. The quotes updated local extremes. Let’s consider the current news feed.

The Association of Thai Securities Companies (ASCO) is considering creation of a new cryptocurrency exchange.

The European Parliament published a report on cryptocurrency according to which "policymakers and regulators should not ignore VCs, nor should they attempt to ban them". The authors of the report also suggest regulators considering the cryptocurrency as any other financial instrument.

Today, the BTC/USD quotes at Bitstamp are testing a mark of $6,650.

The current technical pattern on BTC/USD
  • Support levels: 6550.00, 6450.00, 6275.00
  • Resistance levels: 6700.00, 6900.00, 7050.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The trading instrument is testing the local offer zone of 6650.00-6700.00. The nearest support is located at the mark of 6550.00. Indicators do not send accurate signals:
- The price has fixed above 50 MA and 200 MA;
- The MACD histogram is located near the 0 mark.

Nevertheless, the potential for growth remains. We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes above the round level of 6700.00, the BTC/USD quotes are expected to recover. The movement is tending to 6900.00-7100.00.

Alternative option. If the price fixes below 6550.00, it is necessary to consider sales of BTC/USD. The target movement level is 6450.00-6300.00.

by JustForex, 2018.07.05

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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