Demand for Cryptocurrency Has Resumed

Technical indicators:
  • Market Cap, billion: $130,15
  • % chg. over the week: +13.23
  • % chg. over the year: 466.04
  • 52 wk range: 1,141 - 19,666

This week the main cryptocurrencies showed growth after investors from Wall Street got interested in them. The Venrock company, founded by the Rockefellers, announced a partnership with the CoinFund company. Also, Bloomberg reported that the Soros Fund Management Company is going to trade cryptocurrencies. It should be recalled, that earlier George Soros called Bitcoin a "bubble".

Meanwhile, Barclay's analysts compared Bitcoin with an infectious disease and informed that the "epidemic" of bitcoin could be over. "We believe the speculative froth phase of cryptocurrency investment – and perhaps peak prices – may have passed," the analysts said.

The current technical pattern on BTC/USD
  • Support levels: 7200.00, 6500.00
  • Resistance levels: 7800.00, 8300.00, 9000.00
BTC/USD

At the moment, there are aggressive purchases of BTC/USD. The price has reached a key resistance level of 7800.00. The 7200.00 mark is already a "mirror" support. The further growth of the cryptocurrency is not excluded. The MACD histogram began to rise and moved to the positive zone, which indicates the power of buyers.

We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes above the resistance level of 7800.00, further growth of the BTC/USD quotes is expected. The immediate goal of profit taking is the "mirror" resistance of 8300.00. In the medium term, the currency can reach a round level of 9000.00. When following the positions, we recommend using a trailing stop.

Alternative option. If the price fixes below the 7200.00 mark, it is necessary to look for entry points to the market to open short positions. The movement is tending potentially to 6500.00.

by JustForex, 2018.04.12

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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