The Bitcoin Rate Has Been Growing Again. Potential to Recover Is Still High

Technical indicators:
  • Capitalization, B.: $164.81
  • Change, %, weekly: 21.62
  • Change, %, annually: 45.56
  • 52-week range: 3,122.3 – 13,861.9

The BTC/USD quotes show positive dynamics. The trading instrument has set new local highs. At the moment, "digital gold" prices are stable. Financial market participants expect additional drivers. Let's consider the current news feed.

Chinese President, Xi Jinping, has called to speed up the development of the blockchain in the country. According to him, China may occupy a leading position in the field of blockchain. This was stated by Xi Jinping at the 18th collective study on blockchain development trends.

It is worth noting that after the speech by China's leader, search volume for the word "bitcoin" on WeChat has soared.

Also, China has adopted a new cryptography law. It will go into effect on January 1, 2020. The new law aims to establish cryptographic standards.

The Bakkt trading platform plans to launch a cryptocurrency payment app. Starbucks will be the first partner of the Bakkt project.

Today, the BTC/USD quotes are testing the $9.050 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 9000.00, 8600.00, 7800.00
  • Resistance levels: 9600.00, 10000.00, 10400.00
BTC/USD

Recent sessions, the BTC/USD quotes are consolidating. Unidirectional trends are not observed. At the moment, the key support and resistance levels are 9000.00 and 9600.00, respectively. Cryptocurrency has the potential for further growth. The signals of the indicators are different:
- The price has fixed above 50 MA and 200 MA;
- MACD has been declining.

We recommend opening positions from key levels.

Trading recommendations

If the price fixes above the resistance level of 9600.00, further growth of BTC/USD quotes is expected. The movement is tending to 10300.00-10800.00.

Alternative option. If the price fixes below the round level of 9000.00, it is necessary to look for entry points to the market to open short positions. The target movement level is 8500.00-8000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 31.10.2019

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
10 most stable forex pairs to trade in 2021
If you are interested in forex but have never tried trading before, sooner or later, you come across the question of what currency pair is safe to trade so that you don’t lose half of your deposit on your first position. And the answer is as simple as can be, the safest currency pairs are the most stable ones. Read on to learn which currency pairs are the best to start your trading journey.
Read more
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more