The Bitcoin Rate Is Consolidating. The Potential for Growth Remains

Technical indicators:
  • Market Cap, billion: $104,50
  • % chg. over the week: -0.07
  • % chg. over the year: 151,19
  • 52 wk range: 1.830 – 19.666

Last two weeks the BTC/USD quotes have been moving in a flat. Investors expect additional drivers. Let’s consider the current news feed.

On June 22, Japan’s Financial Services Agency issued business improvement to six licensed cryptocurrency exchanges of the country, including bitFlyer, Tech Bureau and Quoine. In response, the Japanese exchange bitFlyer temporarily stopped the registration of new customers.

Facebook eased its ban on cryptocurrency ads. Now, pre-approved advertisers are allowed to promote cryptocurrency and related content. However, ICO advertising is still banned.

Today, the BTC/USD quotes on the Bitstamp exchange are testing a mark of $6,100.

The current technical pattern on BTC/USD
  • Support levels: 6000.00, 5800.00
  • Resistance levels: 6275.00, 6700.00, 6900.00
BTC/USD

At the moment, Bitcoin is consolidating. The technical pattern is ambiguous. The key trading range is 6000.00-6275.00. Indicators do not send accurate signals. Nevertheless, the BTC/USD quotes have the potential for recovery. A classic reversal formation of the price and MACD indicator divergence has been observed on the trading instrument for a long time.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the "mirror" resistance of 6275.00, correction movement is expected. The immediate goal of profit taking is the offer zone of 6700.00-6900.00.

Alternative option. If the price fixes below the round level of 6000.00, it is necessary to consider sales of BTC/USD. The movement is tending to 5800.00-5500.00.

by JustForex, 2018.06.27

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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