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.

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