The BTC/USD Quotes Are Consolidating. Potential for Further Recovery Remains

Technical indicators:
  • Capitalization, B.: $199.38
  • Change, %, weekly: -5.05
  • Change, %, annually: 72.15%
  • 52-week range: 3,122.3 – 13,861.9

The Bitcoin rate has moved away from annual highs. At the same time, the bullish sentiment is prevailing in the digital gold market. The potential for further recovery remains. Let's consider current news feed.

Binance is going to launch its own futures platform in the next few months. This was announced by CEO of Binance, Changpeng Zhao, at the Asia Blockchain Summit in Taipei. “Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks,” he said.

G20 has supported new cryptocurrency guidelines by FATF. It should be recalled that the final version of the recommendations was submitted on June 21.

Today, the BTC/USD quotes are testing $11.150 at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 10600.00, 9600.00, 8800.00
  • Resistance levels: 11600.00, 12400.00, 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 10600.00 and 11600.00, respectively. Indicators do not send accurate signals:
- The price has fixed between 50 MA and 200 MA;
- The MACD histogram is near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the mark of 11600.00, the BTC/USD quotes are expected to grow. The nearest goal for profit taking is 12400.00. The target movement level is 13600.00-15000.00.

Alternative option. If the price fixes below the support level of 10600.00, you should look for entry points to the market to open short positions. The movement is tending to 9800.00-9500.00.

When tracking positions, one should use a trailing stop.

by JustForex, 03.07.2019

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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