Bitcoin Has Been Growing Again

Technical indicators:
  • Capitalization, B.: $71,40
  • Change, %, weekly: +0,99
  • Change, %, annually: -51,43
  • 52-week range: 3.122,3 - 9.949

Since the beginning of this week, the bullish sentiment has been prevailing in the cryptocurrency market. The BTC/USD quotes rose by more than 3% and reached key extremes. Let’s consider the current news feed.

The distribution company Linh Thanh Group has partnered with the Swiss blockchain-company Kronn Ventures to create a cryptocurrency exchange in Vietnam.

Binance's official wallet, Trust Wallet, has added support for credit card payments, as well as XRP cryptocurrency.

In an interview with Fox Business, US Securities and Exchange Commission Chairman (SEC), Jay Clayton, said he was concerned about investor protection when it came to approving Bitcoin-ETF.

Today, the BTC/USD quotes are testing $4.020 at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 4000.00, 3940.00, 3880.00
  • Resistance levels: 4040.00, 4150.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The potential for further recovery remains. Local support and resistance levels are 4000.00 and 4040.00, respectively. Indicators point to buyers power:
- The price has fixed above 200 MA;
- MACD is in the positive zone.

Positions should be opened in the direction of the current trend.

Trading recommendations

If the price fixes above the resistance level of 4040.00, Bitcoin is expected to grow. The movement is tending to 4100.00-4150.00.

Alternative option. If the price fixes below 3940.00, it is necessary to look for entry points to the market to open short positions. The movement is tending to 3880.0-3840.0.

When tracking positions, one should use a trailing stop.

by JustForex, 27.03.2019

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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