The "Digital Gold" Prices Are Stable. The Technical Pattern Is Ambiguous

Technical indicators:
  • Capitalization, B.: $68,90
  • Change, %, weekly: -1,38
  • Change, %, annually: -57,69
  • 52-week range: 3.122,3 - 9.949

The Bitcoin rate continues to consolidate. Financial market participants expect additional drivers. Let’s consider the current news feed of the world of "digital currencies".

On March 5, SIX Swiss Exchange has started trading of new exchange-traded product (ETP) based on the Ethereum. Also in the near future, the exchange plans to launch another ETP based on XRP.

Coinbase cryptocurrency exchange has added support for XRP on Coinbase.com. Cryptocurrency is also available on its iOS and Android apps.

Investment management company Invesco has launched blockchain-ETF on the London Stock Exchange. Initially, the blockchain-ETF will be targeted 48 companies associated with the blockchain technology.

Today, the BTC/USD quotes are testing $3.860 at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 3760.00, 3670.00, 3525.00
  • Resistance levels: 3880.00, 3950.00, 4000.00
BTC/USD

Last two weeks, the BTC/USD quotes have been in a sideways trend. Currently, local support and resistance levels are 3760.00 and 3880.00, respectively. Cryptocurrency is tending to recover. Indicators do not send accurate signals:
- The price has crossed 50 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 3880.00, the BTC/USD quotes are expected to grow. The movement is tending to 4000.00-4150.00.

Alternative option. If the price fixes below the mark of 3760.00, you need to look for entry points to the market to open short positions. The target movement level is 3670.00-3560.00.

When tracking positions, one should use a trailing stop.

by JustForex, 13.03.2019

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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