The Bitcoin Rate Has Set New Annual Lows

Technical indicators:
  • Market Cap, billion: $75,06
  • % chg. over the week: -23,06
  • % chg. over the year: -48,59
  • 52 wk range: 4.048,6 – 19.666

There are aggressive sales in the "digital currency" market. Over the past week, the drop in the BTC/USD quotes exceeded 20%. The capitalization of Bitcoin fell to $75 billion. The cryptocurrency has set new annual lows. Let’s consider the current news feed.

According to FCA executive director of strategy and competition, Christopher Woolard, the Financial Conduct Authority (FCA) considers a ban on the sale of certain types of cryptocurrency derivatives, including CFDs, options, futures, to retail investors.

Today, the BTC/USD quotes are testing a mark of $4,400 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 4200.00, 4000.00
  • Resistance levels: 4700.00, 5000.00, 5400.00
BTC/USD

The Bitcoin rate continues to show negative dynamics. At the moment, the BTC/USD quotes are consolidating. The key support and resistance levels are 4200.00 and 4700.00, respectively. Indicator signals are different:

- The price has fixed below 50 MA and 200 MA;
- MACD has started to rise.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes below the support level of 4200.00, a further fall in the BTC/USD quotes is expected. The movement is tending to 4000.00-3800.00.

Alternative option. If the price fixes above 4700.00, a correction movement is expected. The immediate goal for profit taking is a round level of 5000.00.

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

by JustForex, 2018.11.23

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
Monetary Policy Statement: What you need to know
Almost every month in the economic calendar, traders can see such events as the monetary policy meeting minutes. As a rule, during the publication of this protocol, the volatility increases sharply. Let's find out what this protocol is and whether it is possible to make money on it.
Read more
Forex Trade in Nigeria: Choosing the Right Timing for Successful Trading
The Nigerian economy is strong and blossoming, so it provides plenty of opportunities for earning, investing, and making more money. Forex trading is one of the ways to multiply your savings, but there are many factors that impact the outcome of your trading. Along with choosing the right currency pair, you need to carefully calculate when to trade (and when not to trade). This article will help you keep track of the best trading periods by the Nigerian time and how to decide when to enter the trades and when to refrain from them.
Read more