The “Digital Gold” Prices Are Consolidating. Potential for Growth Is Still High

Technical indicators:
  • Capitalization, B.: $157.58
  • Change, %, weekly: -7.86
  • Change, %, annually: 37.29
  • 52-week range: 3,122.3 – 13,861.9

The BTC/USD quotes continue to consolidate after a sharp increase in late October. Financial market participants expect additional drivers. Let’s consider the current news feed of the world of cryptocurrencies.

The Monetary Authority of Singapore (MAS), together with JPMorgan and Temasek, have developed a blockchain prototype. Representatives of MAS report that the prototype will allow multi-currency payments on the same network.

The US Commodity Futures Trading Commission (CFTC) has approved the swap execution facility (SEF) registration to the Tassat cryptocurrency startup. The company plans to launch physically-settled bitcoin margin swaps.

The Bithumb Global cryptocurrency exchange has announced a native token for Bithumb Chain. According to Bithumb, the token can be used to pay fees and obtain the right to use the Bithumb Chain.

Today, the BTC/USD quotes are testing the $8.675 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 8600.00, 8300.00, 7800.00
  • Resistance levels: 9100.00, 9600.00, 10000.00
BTC/USD

Bitcoin is in a sideways trend. Unidirectional trends are not observed. At the moment, the key support and resistance levels are 8600.00 and 9100.00, respectively. A trading instrument has the potential for recovery. Indicators do not send accurate signals:
- The price has crossed 200 MA;
- The MACD histogram is located near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 9100.00, the BTC/USD quotes are expected to grow. The movement is tending to 9600.00-10000.00.

Alternative option. If the price fixes below 8600.00, it is necessary to look for entry points to the market to open short positions. The movement is tending to the round level of 8000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 12.11.2019

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
How to Interpret Inflation Data?
The Consumer Price Index, better known as CPI, is an important economic indicator regularly published by major economies to provide timely information on current inflation.
Read more
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more