The Bitcoin Rate Is Stable. The Technical Pattern Is Ambiguous

Technical indicators:
  • Capitalization, B.: $59,80
  • Change, %, weekly: -2,22
  • Change, %, annually: -50,82
  • 52-week range: 3.122,3 – 11.780

"Digital gold" is being traded in a continuous flat. The unidirectional trend is not observed. Financial market participants expect additional drivers. Let’s consider the current news feed.

The Chicago Board Options Exchange (CBOE) re-applied to the US Securities and Exchange Commission to get approval for the launch of the VanEck/SolidX Bitcoin-ETF.

Iran, in cooperation with local banks, issued a gold-backed PayMon cryptocurrency to bypass international sanctions. PayMon is expected to be presented on the Iranian Fara Bourse OTC platform.

According to CoinDesk, the Financial Services Commission of South Korea (FSC) has decided to continue the ban on initial coin offerings (ICO).

Today, the BTC/USD quotes are testing the $3,350 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 3350.00, 3150.00, 3000.00
  • Resistance levels: 3480.00, 3600.00, 3720.00
BTC/USD

The Bitcoin rate continues to consolidate near the key lows. Over the past two weeks, the trading instrument has formed quite strong support and resistance levels: 3350.00 and 3480.00, respectively. Indicator signals are different:
- the price is testing 50 MA, which currently acts as dynamic resistance;
- the MACD histogram is located near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes below the support level of 3350.00, the BTC/USD quotes are expected to fall. The movement is tending to the round level of 3000.00.

Alternative option. If the price fixes above the 3480.00 mark, it is necessary to look for entry points to the market to open long positions. The target movement level is 3600.00-3700.00.

When tracking positions, one should use a trailing stop.

by JustForex, 06.02.2019

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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