The BTC/USD Quotes Are Tending to Recover

Technical indicators:
  • Capitalization, B.: $152.87
  • Change, %, weekly: +1,46
  • Change, %, annually: +30
  • 52-week range: 3,122.3 – 13,861.9

Bitcoin is being traded in a continuous flat. At the moment, the BTC/USD quotes are testing the upper limit of the trading range. The potential for further recovery is still high. Let’s consider the current news feed.

Binance cryptocurrency exchange has launched a P2P service with support for Bitcoin, Ethereum and USDT, traded against the Chinese yuan (CNY). While the service is available to Android users whose Binance accounts are registered for at least 30 days. Representatives of the exchange promised to launch a desktop and version for iOS soon.

The Securities and Futures Commission of Hong Kong (SFC) has published a set of rules for cryptocurrency fund managers.

Today, the BTC/USD quotes are testing the $8.500 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 8200.00, 7800.00
  • Resistance levels: 8700.00, 9200.00, 9600.00
BTC/USD

Currently, digital gold is consolidating near the key resistance level of 8700.00. The 8200.00 mark is the nearest support. The technical pattern signals a further correction of the BTC/USD quotes. Indicators do not give accurate signals:
- The price has fixed between 50 MA and 200 MA;
- MACD is in the positive zone and continues to rise.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above 8700.00, further growth of the BTC/USD quotes is expected. The movement target level is 9200.00-9600.00.

Alternative option. If the price fixes below 8200.00, it is necessary to look for entry points to the market to open short positions. The movement is tending to 7800.00-7400.00.

When tracking positions, one should use a trailing stop.

by JustForex, 10.10.2019

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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