The Bitcoin Rate Has Fixed Above $5000. The Potential for Growth Is Still High

Technical indicators:
  • Capitalization, B.: $92,79
  • Change, %, weekly: +2,52
  • Change, %, annually: -22,77
  • 52-week range: 3.122,3 - 9.949

Since the beginning of this month, aggressive purchases have been observed on BTC/USD. Over this period, the cryptocurrency has grown by more than 25%. The BTC/USD quotes have set new annual highs. The potential for further recovery is still high. Let’s consider the current news feed.

The US Securities and Exchange Commission (SEC) has published new guidance for token issuers. The document is an unofficial instruction and determines whether the assets fall under a securities classification.

In partnership with the Canadian fintech company Blockstation, the Jamaica Stock Exchange (JSE) plans to start trial Bitcoin and Ethereum trading.

The New York State Department of Financial Services (NYDFS) has granted a virtual currency license (BitLicense) to the Bitstamp cryptocurrency exchange. The license will allow Bitstamp to conduct digital currency operations in New York state.

Mitsubishi UFJ Financial Group (MUFG) intends to put its own digital currency into practical use by the end of the year.

Today, the BTC/USD quotes are testing the $5.250 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 5000.00, 4700.00, 4200.00
  • Resistance levels: 5300.00, 5600.00, 6000.00

At the moment, the Bitcoin rate has become stable near the key resistance of 5300.00. Round level of 5000.00 is the nearest support. The current technical pattern signals a further increase in the BTC/USD quotes. Indicator signals are different:
- The price has fixed above 50 MA and 200 MA;
- MACD shows negative dynamics.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 5300.00, further growth of the BTC/USD quotes is expected. The movement is tending to 5600.00-6000.00.

Alternative option. If the price fixes below the round level of 5000.00, a technical correction of "digital gold" is expected. The immediate goal for profit taking is local support of 4700.00.

When tracking positions, one should use a trailing stop.

by JustForex, 10.04.2019

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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