The Bitcoin Rate Has Been Growing Again

Technical indicators:
  • Capitalization, B.: $209.64
  • Change, %, weekly: +22,49%
  • Change, %, annually: +66,95%
  • 52-week range: 3,122.3 – 13,861.9

The BTC/USD quotes show positive dynamics. Since the beginning of this month, “digital gold” has been increasing by more than 20%. The trading instrument has set new local highs. The potential for further growth is still high. Let’s consider the current news feed.

Bitfinex has launched the non-custodial cryptocurrency exchange EOSfinex. EOSfinex is announced as the first scalable exchange, which is based on the EOS protocol. So far, the platform has four trading pairs: RAM/USDT, EOX/USDT, EMT/USDT and EOS/USDT.

Blockchain has launched its own trading platform, called PIT. At the moment, the exchange is available only for registration, and trading will open in the next two weeks.

In Iran, cryptocurrency mining has been recognized as an industrial activity. At the same time, miners should obtain an appropriate license from the Ministry of Industry, Mine and Trade. The decision was made during a Sunday cabinet meeting chaired by Iranian President Hassan Rouhani.

The US Federal Reserve System (Fed) announced that the Federal Reserve Banks plan to develop real-time payment and settlement service, called FedNow.

Today, the BTC/USD quotes are testing the $11.750 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 11000.00, 9600.00, 9000.00
  • Resistance levels: 12300.00, 13200.00, 13850.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. A unidirectional trend is not observed. The key support and resistance levels are 11000.00 and 12300.00, respectively. Indicators do not send accurate signals:
- 50 MA crossed 200 MA;
- The MACD histogram is in the negative zone, but has been growing.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 12300.00, further growth of the BTC/USD quotes is expected. The closest target for profit taking is 13200.0-13850.0.

Alternative option. If the price fixes below the round level of 11000.00, you should look for entry points to the market to open short positions. The movement is tending to 10000.00-9500.00.

When tracking positions, one should use a trailing stop.

by JustForex, 07.08.2019

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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