The BTC/USD Quotes Are Consolidating

Technical indicators:
  • Capitalization, B.: $141.39
  • Change, %, weekly: -8,42
  • Change, %, annually: 1.89
  • 52-week range: 3,122.3 – 9,096.8

The Bitcoin rate has become stable after a continuous rally. At the moment, the BTC/USD quotes are consolidating near annual highs. Financial market participants expect additional drivers. The potential for further recovery is still high. Let’s consider the current news feed.

The US cryptocurrency exchange Coinbase has added support for EOS on its Coinbase.com platform, as well as on iOS and Android apps. EOS is not yet available for users from the UK and the state of New York.

The Securities Commission Malaysia has registered three cryptocurrency exchanges – Luno Malaysia, Sinegy Technologies and Tokenize Technology.

The cryptocurrency exchange Binance will launch its own stablecoins in the next two months, said Binance's chief financial officer, Wei Zhou, in an interview with Bloomberg. The first stablecoin, Binance GBP, will be pegged to the British pound. Binance also plans to issue a number of other stablecoins pegged to other currencies, with the exception of the US dollar.

Today, the BTC/USD quotes are testing $8.000 at Bitstamp.

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

The trading instrument is in a sideways trend. The technical pattern is ambiguous. The key support and resistance levels are still 7500.00 and 8300.00, respectively. Indicators do not send accurate signals:
- The price has crossed 50 MA and 200 MA;
- The 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 8300.00, further growth of the BTC/USD quotes is expected. The immediate goal for profit taking is the round level of 9000.00.

Alternative option. If the price fixes below 7500.00, a correction movement is expected. The target level for profit taking is 6800.00-6000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 10.06.2019

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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