“Digital Gold” Prices Are Stable. Technical Pattern Is Ambiguous

Technical indicators:
  • Capitalization, B.: $179.47
  • Change, %, weekly: +2,96%
  • Change, %, annually: +20.54%
  • 52-week range: 3,122.3 – 13,861.9

The Bitcoin rate is still consolidating. Financial market participants expect additional drivers. Let’s consider the current news feed of the "digital currencies" world.

Bank of America has filed a patent for the settlement system based on Ripple distributed ledger technology.

In China, Bitcoin was recognized as “virtual property”. The Hangzhou Internet Court stated that Bitcoin has the same attributes as property.

US Treasury Secretary Steven Mnuchin said that new rules and guidelines on cryptocurrency were likely to be issued to avoid their negative impact on the financial system. It is reported by Bloomberg.

The US Senate Banking Committee will hold a meeting on the regulatory framework for cryptocurrency and blockchain industry. A hearing is scheduled for July 30.

Today, the BTC/USD quotes are testing the $10,000 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 9500.00, 8800.00, 8200.00
  • Resistance levels: 10800.00, 12000.00, 13200.00
BTC/USD

Last two weeks, the BTC/USD quotes have been in a sideways trend. At the moment, the key support and resistance levels are 9500.00 and 10800.00, respectively. Cryptocurrency has the potential for further correction. Indicators do not send accurate signals:
- The price has crossed 50 MA;
- The MACD is near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes below the support level of 9500.00, a further correction of the BTC/USD quotes is expected. The movement is tending to 8500.00-8000.00.

Alternative option. If the price fixes above the mark of 10800.00, one should look for entry points to the market to open long positions. The target movement level is 11600.00-12000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 25.07.2019

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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