Bitcoin Has Set a New Historic High

Technical indicators:
  • Market Cap, billion: $134.11
  • % chg. over the week: +39.05
  • % chg. over the year: +967.46
  • 52 wk range: 721 – 8160

Bitcoin continues to show positive dynamics after a significant correction on November 8-12. Today, the BTC/USD quotes on the Bitstamp exchange, which is based in Luxembourg, have set a new record. The Cryptocurrency exceeded the $8150 mark. At the moment, Bitcoin's capitalization is more than $134 billion. Demand for digital currencies remains at a very high level.

The current technical pattern on BTC/USD
  • Support levels: 8000.0, 7575.0, 7200.0
  • Resistance levels: 8200.0
BTC/USD

The current technical pattern indicates a continuation of the bullish sentiment. In the trading instrument, a classical figure of the technical analysis, Ascending Triangle, was formed, which quite often acts as a continuation of the current trend. At the moment, the BTC/USD quotes have overcome the upper limit of the figure. We recommend opening positions in the direction of the main trend.

The indicators point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram has moved to the positive zone and continues to rise, which also signals an increase in the BTC/USD quotes.

Trading recommendations

If the price fixes above the round level of 8200.0, you need to look for entry points to the market to open long positions. The closest target for fixing profits will be the mark of 8300.0-8350.0. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.11.20

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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