Digital Gold Shows Positive Dynamics. The Potential for Growth Remains

Technical indicators:
  • Capitalization, B.: $96,82
  • Change, %, weekly: +2,22
  • Change, %, annually: -38,13
  • 52-week range: 3.122,3 – 9.949

The Bitcoin rate still shows positive dynamics. Since the beginning of this month, the BTC/USD quotes have increased by more than 30%. The trading instrument has set new annual highs. The potential for further recovery remains. Let's consider the current news feed.

According to a survey conducted by the non-profit organization Korea Financial Investors Protection Foundation, investing in cryptocurrency is becoming increasingly popular in South Korea. A report indicates that on average, South Koreans spent $6,000 on cryptocurrency in 2018.

Cryptocurrency exchange Coinbase along with the international payment system Visa launched a debit card supported cryptocurrencies – Coinbase Card. Users of this card will be able to spend digital assets "as effortlessly as the money in their bank". At the moment, the card is available only in the UK, support in other European countries is planned in the coming months.

It also became known that Coinbase expanded its services to 11 new countries, including Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines, and New Zealand.

Coincheck has added Ethereum (ETH) and Ripple (XRP) to the recently launched over-the-counter platform.

Today, the BTC/USD quotes are testing the $5.400 mark at Bitstamp.

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

At the moment, the BTC/USD quotes are consolidating. A unidirectional trend is not observed. The key support and resistance levels are 5300.00 and 5600.00, respectively. Indicators do not send accurate signals:
- The price has fixed above 50 MA and 200 MA;
- MACD histogram is near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 5600.00, further growth of the BTC/USD quotes is expected. The immediate goal for profit taking is the round level of 6000.00.

Alternative option. If the price fixes below the 5300.00 mark, it is necessary to look for entry points to the market to open short positions. The movement is tending to 5000.00-4700.00.

When tracking positions, one should use a trailing stop.

by JustForex, 24.04.2019

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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