Bitcoin Is Tending Potentially to Recover

Technical indicators:
  • Market Cap, billion: $112,10
  • % chg. over the week: -10,36
  • % chg. over the year: 134,18
  • 52 wk range: 1.830 – 19.666

Since the beginning of this month, the bearish sentiment has prevailed in the cryptocurrency market. The fall in the BTC/USD quotes exceeded 10%. Let’s consider the current news feed.

On Sunday, June 10, the South Korean cryptocurrency exchange Coinrail was hacked, as a result, about 30% of its cryptocurrency reserves were lost.

The US-based currency exchange Coinbase announced the launch of the Coinbase Index Fund to accredited US investors. According to the blog of exchange, the index fund is open for investments from $250,000 to $20 million.

Today, the BTC/USD quotes on the Bitstamp exchange are testing a mark of $6,550.

The current technical pattern on BTC/USD
  • Support levels: 6400.00, 6200.00
  • Resistance levels: 6600.00, 6900.00, 7200.00
BTC/USD

At the moment, the Bitcoin rate is consolidating. The key support and resistance levels are 6400.00 and 6600.00, respectively. The current technical pattern indicates a possible correction of the BTC/USD quotes. A classic reversal formation, the price and MACD divergence, has been formed in the trading instrument.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the "mirror" resistance level of 6600.00, correction movement is expected. The movement is tending to 6900.00-7200.00.

Alternative option. If the price fixes below the level of 6400.00, it is necessary to consider sales of BTC/USD. The immediate goal of profit taking is 6200.00-6100.00.

by JustForex, 2018.06.14

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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