The "Digital Gold" Prices Show Positive Dynamics. Potential for Growth Is Still High

Technical indicators:
  • Capitalization, B.: $165.25
  • Change, %, weekly: 3.30
  • Change, %, annually: 37.55%
  • 52-week range: 3,122.3 – 9,477.7

The BTC/USD quotes continue to show a steady uptrend. This week, Bitcoin set a new annual high. The potential for further recovery is still high. Let’s consider the current news feed.

Facebook has unveiled plans to launch its own cryptocurrency called Libra, as well as Calibra online wallet, which will be available in Facebook Messenger, WhatsApp and as a standalone app. 27 large companies and organizations involved in electronic payments have become Facebook partners, including Visa, Mastercard, Paypal, etc. It is expected that social network users will be able to carry out their first transactions using Libra in 2020.

It also became known that the US Congress asked Facebook to postpone the launch of Libra. According to the chairwoman of the House Financial Services Committee, Maxine Waters, Facebook should wait until the audit is complete. "Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Maxine Waters.

The Binance cryptocurrency exchange has launched the BTCB token, pegged to Bitcoin.

Today, the BTC/USD quotes are testing $9,260 at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 8750.00, 8200.00, 7500.00
  • Resistance levels: 9500.00, 10000.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The trading instrument is tending to grow. The key support and resistance levels are 8750.00 and 9500.00, respectively. Indicator signals vary:
- The price has fixed above 50 MA and 200 MA;
- MACD has been declining.

Positions should be opened from the key levels.

Trading recommendations

If the price fixes above the 9500.00 mark, further growth of the cryptocurrency rate is expected. The movement is tending to the round level of 10000.00.

Alternative option. If the price fixes below the 8750.00 mark, it is necessary to look for entry points to the market to open short positions. The movement is tending to 8200.0-7700.0.

When tracking positions, one should use a trailing stop.

by JustForex, 20.06.2019

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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