The Bitcoin Rate Has Become Stable. Potential for Growth Is Still High

Technical indicators:
  • Capitalization, B.: $135,91
  • Change, %, weekly: -3,42
  • Change, %, annually: -4,25%
  • 52-week range: 3.122,3 – 8.475

The BTC/USD quotes show positive dynamics. Since the beginning of this month, "digital gold" has increased by more than 45%. The trading instrument has 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 delayed the decision on the VanEck and SolidX proposal for a bitcoin exchange-traded fund.

According to Coindesk, SIX Swiss Exchange is working on its own stablecoin pegged to the Swiss franc in order to facilitate transactions on the SIX Digital Exchange (SDX).

Today, the BTC/USD quotes are testing the $7,600 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 7500.00, 6750.00, 6000.00
  • Resistance levels: 8300.00, 9000.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. A unidirectional trend is not observed. The key support and resistance levels are 7500.00 and 8300.00, respectively. Indicators do not send accurate signals:
- The price has crossed 50 MA;
- MACD has begun to decline and moved into the negative zone.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the mark of 8300.00, further growth of the BTC/USD quotes is expected. The movement is tending to the round level of 9000.00.

Alternative option. If the price fixes below the support level of 7500.00, you should look for entry points to the market to open short positions. The movement is tending to 6800.00-6000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 23.05.2019

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.

Registration

Get Free Analytics

* required fields