Bitcoin's Capitalization Has Exceeded $160 Billion

Technical indicators:
  • Market Cap, billion: $162.38
  • % chg. over the week: +21.25
  • % chg. over the year: +1206.41
  • 52 wk range: 721 - 9721

Bitcoin has set a new record once again. At the moment there are aggressive purchases. Today, the BTC/USD quotes on the Bitstamp exchange, which is based in Luxembourg, reached $9700. Bitcoin capitalization exceeded the blue chips of the US stock market: General Electric Company (#GE), The Walt Disney Company (#DIS) and McDonald's Corporation (#MCD). Demand for digital currencies remains at a very high level.

The current technical pattern on BTC/USD
  • Support levels: 9400.0, 9000.0, 8600.0
  • Resistance levels: 9720.0
BTC/USD

The BTC/USD quotes have the potential for further growth. Nevertheless, it is recommended to open positions from the key support and resistance levels. In the near future, a technical correction is not ruled out. At the moment Bitcoin is consolidating in the range of 9400.0-9720.0. Near the upper limit of the range, a classic pattern of the Price Action, Bearish Engulfing, emerged, which signals a bearish sentiment in the short term.

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA.

The MACD histogram has moved to the negative zone and continues to decline, which indicates a correction of BTC/USD.

Trading recommendations

If the price fixes above the resistance level of 9720.0, we recommend looking for entry points to the market to open long positions. The immediate goal of fixing profits is the round level of 10000.0.

Alternative option. If the price fixes below the 9400.0 mark, we expect the correction of BTC/USD. The movement is tending to the round level of 9000.0.

by JustForex, 2017.11.27

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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