Bitcoin Moved Away from Monthly Highs. The Technical Pattern Is Ambiguous

Technical indicators:
  • Capitalization, B.: $68,23
  • Change, %, weekly: -8,04
  • Change, %, annually: -63,34
  • 52-week range: 3.122,3 - 11.688

Bitcoin rate became stable after a sharp collapse at the end of last week. Financial market participants expect additional drivers. Let’s consider the current news feed.

Nasdaq has started listing of two cryptocurrency indices Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) provided by Brave New Coin.

Leading US crypto-exchange, Coinbase Pro, has added support for XRP. Cryptocurrency is available in the following pairs: XRP/USD, XRP/EUR and XRP/BTC. It is reported in the Coinbase Pro blog.

Swiss private bank Julius Baer plans to provide access to digital asset services in cooperation with SEBA Crypto AG.

Today, the BTC/USD quotes are testing the mark of $3.815 at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 3720.00, 3650.00, 3525.00
  • Resistance levels: 3870.00, 4000.00, 4160.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The unidirectional trend is not observed. Local support and resistance levels are 3720.00 and 3870.00, respectively. Indicators do not send accurate signals:
- The price has fixed between 50 MA and 200 MA, which are strong dynamic support and resistance levels;
- The MACD histogram is located near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 3870.00, the BTC/USD quotes are expected to grow. The movement is tending to 4000.00-4150.00.

Alternative option. If the price fixes below the mark of 3720.00, it is necessary to look for entry points to the market to open short positions. The movement target level is the demand zone of 3525.00-3450.00.

When tracking positions, one should use a trailing stop.

by JustForex, 27.02.2019

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Social Trading: What Is It and How To Make Money Using It
Since the trading migrated online, the traders have been communicating on the online forums and other special services. Some traders teach their less experienced peers how to earn on trading, mitigate related risks, and build their careers in trading. This trend is known as social trading.
Read more
Copy Trading: Important Risks and Advantages to Take into Consideration
Copy trading is one of the popular trading strategies that allows traders to copy in a step-by-step manner the trading moves of other traders, commonly considered to be experienced and successful. Copy trading is a good way to start a trading journey without conducting long time-consuming research of markets and instruments. However, mechanical copying of steps made by other traders has its particular risks and benefits. These risks and advantages, as well as useful tips and rules of copy trading, are gathered for your convenience in this article.
Read more
The Best Time to Trade Stocks In South Africa And A Glimpse Into The World Of Global Stock Exchanges
Trading stock is the first thing that comes to mind when the word 'trading' is uttered. You can keep them for years as a portfolio, building your wealth gradually, or try some risky market gambling for quicker profits. So, if you are interested in this solid and 'aristocratic' kind of assets, read this guide on how to perform stock trading in South Africa and when to do it for maximum effect.
Read more