The BTC/USD Quotes Are Consolidating. The Potential for Growth Remains

Technical indicators:
  • Market Cap, billion: $130.46
  • % chg. over the week: -7,99
  • % chg. over the year: 180,06
  • 52 wk range: 2.698,8 – 19.666

The Bitcoin rate moved away from local highs after a significant growth in mid-July. At the same time, the potential for growth remains. Let’s consider the current news feed.

Cryptocurrency exchange Binance has announced the acquisition of crypto-wallet provider Trust Wallet. Trust Wallet is mobile wallet app that supports Ethereum, as well as ERC20 and ERC223 tokens.

The South Korean cryptocurrency exchange Bithumb has suspended the issue of new virtual accounts. According to Business Korea, the platform could not renew the contract with the bank.

Today, the BTC/USD quotes are testing a mark of $7,550 on the Bitstamp exchange.

Current technical pattern on BTC/USD
  • Support levels: 7500.00, 7200.00, 6800.00
  • Resistance levels: 7800.00, 8200.00, 8800.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The key support and resistance levels are 7500.00 and 7800.00, respectively. Indicators do not send accurate signals:
- The price has fixed between 50 MA and 200 MA;
- The MACD histogram approached the 0 mark.

It is advisable to open positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 7800.00, further growth of "digital gold" is expected. The immediate goal of profit taking is the key offer zone of 8200.00-8400.00.

Alternative option. If the price fixes below 7500.00, it is necessary to consider sales of BTC/USD. The movement is tending to 7200.00-6800.00.

When following the positions, we recommend using a trailing stop.

by JustForex, 2018.08.02

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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