The Bitcoin Rate Is Stable. The Technical Pattern Is Ambiguous

Technical indicators:
  • Market Cap, billion: $113,68
  • % chg. over the week: -0,73
  • % chg. over the year: 37,79
  • 52 wk range: 4.700 – 19.666

Digital gold is still traded in the continuous flat. Trading activity and volatility decreased significantly. Investors expect additional drivers. Let’s consider the current news of the cryptocurrency market.

The European regulator (ESMA) plans to determine the rules for ICOs by the end of this year. The European Council of Securities and Markets is considering the issue of regulating ICOs. Reuters reported.

Hong Kong investment company Summer Capital has taken shares in the startup SEBA Crypto AG, which may become the first cryptocurrency investment bank.

Today, the BTC/USD quotes are testing a mark of $6,500 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 6400.00, 6200.00, 5900.00
  • Resistance levels: 6600.00, 6800.00, 7100.00
BTC/USD

The BTC/USD quotes are in a sideways trend. At the moment, the key trading range is 6400.00-6600.00. Trading instrument is tending to recover. Indicators do not send accurate signals:

- The price has crossed 50 MA and 200 MA;
- 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 6600.00, the BTC/USD quotes are expected to grow. The closest goal for profit taking is the offer zone of 6800.00-6900.00.

Alternative option. If the price fixes below the support level of 6400.00, it is necessary to look for entry points to the market to open short positions. The movement is tending to 6200.00-6000.00.

When following the positions, one should use a trailing stop.

by JustForex, 2018.10.10

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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