The Bitcoin Rate Has Begun to Recover

Technical indicators:
  • Market Cap, billion: $115.19
  • % chg. over the week: +5,39
  • % chg. over the year: 70,31
  • 52 wk range: 2.977 – 19.666

Since the beginning of this week, the main cryptocurrencies have demonstrated positive dynamics. The growth of the BTC/USD quotes exceeded 5%. Let’s consider the current news feed.

This week, the United States Securities and Exchange Commission (SEC) will decide on the launch of ProShares Bitcoin ETF. SEC will consider applications for ProShares Bitcoin ETF and ProShares Short Bitcoin ETF.

The Bank of Thailand announced the creation of its own digital currency. The first stage is expected to be completed by the first quarter of next year.

Today, the BTC/USD quotes are testing a mark of $6,680 on the Bitstamp exchange.

Current technical pattern on BTC/USD
  • Support levels: 6600.00, 6300.00, 6000.00
  • Resistance levels: 6900.00, 7200.00, 7400.00
BTC/USD

At the moment, the cryptocurrency is consolidating. The key trading range is 6600.00-6900.00. In the near future, we do not exclude the further growth of the BTC/USD quotes. A number of the Price Action patterns of "Inside Bar" confirm the signal. The MACD indicator has moved to the positive zone and continues to rise, which signals the power of buyers.

We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes above the resistance level of 6900.00, further recovery of the Bitcoin rate is expected. The closest target for profit-taking is the 7200.00-7400.00 offer zone. The movement is tending to a round level of 7800.00-8000.00.

Alternative option. If the price fixes below the level of 6600.00, it is necessary to consider sales of BTC/USD. The target movement level is 6300.00-6000.00.

by JustForex, 2018.08.22

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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