The BTC/USD Quotes Are Consolidating

Technical indicators:
  • Market Cap, billion: $261.37
  • % chg. over the week: -20.96
  • % chg. over the year: +1460.02
  • 52 wk range: 751.3 - 19664

Last week there was a significant correction of BTC/USD. The drop in quotations exceeded 30%. At Bitstamp, which is based in Luxembourg, the cryptocurrency has reached $13,000. At the moment, the rate of BTC/USD has stabilized. The trading instrument is testing the $15500 mark. The launch of bitcoin futures trading on the CME Group continues to support digital currencies.

The current technical pattern on BTC/USD
  • Support levels: 13500.00, 11500.00, 9000.00
  • Resistance levels: 15500.00, 17000.00, 19500.00

Currently, the BTC/USD quotes are in a sideways trend. The cryptocurrency is testing strong enough support and resistance levels: 13500.00 and 15500.00, respectively. The BTC/USD quotes have the potential for further recovery.

The price is testing 50 MA, which acts as a fairly strong dynamic support.

The MACD histogram is in the positive zone and continues to rise, indicating the power of the buyers.

Trading recommendations

We recommend you to open positions from the key levels. If the price fixes above the resistance level of 15500.00, it is necessary to consider purchases of BTC/USD. The closest target for fixing profits is the mark of 17000.00. In the medium term, quotes can reach historic highs (19500.00-20000.00).

Alternative option. If the price fixes below the support level of 13500.00, a further correction of BTC/USD is not excluded. The movement is tending to 11500.00.

by JustForex, 2017.12.26

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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