The Bitcoin Rate Is Stable. Investors Expect Additional Drivers

Technical indicators:
  • Market Cap, billion: $109,53
  • % chg. over the week: -2,63
  • % chg. over the year: 54,21
  • 52 wk range: 3.514 – 19.666

The "digital gold" prices have stabilized after a significant decline at the beginning of this month. Financial market participants expect additional drivers. Let's consider the current news of the cryptocurrency market.

On September 25, Poloniex is going to delist eight assets: BitcoinDark (BTCD), Bitmark (BTM), Einsteinium (EMC2), GridCoin (GRC), NeosCoin (NEOS), PotCoin (POT), VeriCoin (VRC), Bitcoin Plus (XBC).

Mastercard has developed a blockchain-based system to simplify B2B transactions. The system is set out in three patent applications, which were recently published by the US Patent and Trademark Office.

Sagar Sarbhai, Ripple’s head of regulatory relations for APAC and Middle East, reported that the company could launch a commercial version of the xRapid in a month or so.

Today, the BTC/USD quotes are testing a mark of $6,300 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 6200.00, 5900.00
  • Resistance levels: 6400.00, 6550.00, 6800.00
BTC/USD

At the moment, the cryptocurrency is consolidating. The key trading range is 6200.00-6400.00. In the near future, we do not exclude the BTC/USD quotes recovery. Indicators do not send accurate signals:

- The price is testing 50 MA, which is strong dynamic resistance;
- 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 resistance level of 6400.00, the Bitcoin rate is expected to recover. The closest target for fixing profit is the local resistance level of 6550.00. The movement is tending to the 50.0%-61.8% correctional zone (6760.00-6900.00).

Alternative option. If the price fixes below 6200.00, it is necessary to consider sales of BTC/USD. The target movement level is 6000.00-5800.00.

by JustForex, 2018.09.19

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
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more