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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more