The "Digital Gold" Prices Are Stable

Technical indicators:
  • Capitalization, B.: $148.51
  • Change, %, weekly: -2.88
  • Change, %, annually: +26.91
  • 52-week range: 3,122.3 – 13,861.9

The Bitcoin rate has become stable after a sharp collapse last week. Financial market participants expect additional drivers. Let's consider the current news feed of the world of "digital currencies."

Ripple has expanded its business in Iceland having purchased the Algrim crypto firm. This was reported on the official website.

Binance cryptocurrency exchange has added one more payment channel that allows users to buy digital currencies using Visa and Mastercard bank cards. Through Koinal processing, Binance users will be able to buy Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP.

The Boerse Stuttgart stock exchange has launched spot trading in cryptocurrencies. At the moment, only the BTC/EUR is represented on the site.

According to the press release published on Cointelegraph, the Bittrex cryptocurrency exchange is planning to launch the new Bittrex Global trading platform, headquartered in Liechtenstein. The launch of the platform is scheduled for late October. Bittrex Global plans to develop new features and products, including customer reward programs, credit card interoperability, the sale of private tokens under EU law, as well as a mobile cryptocurrency trading app.

Today, the BTC/USD quotes are testing the $8.255 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 7800.00, 7000.00
  • Resistance levels: 8500.00, 9000.00, 9400.00
BTC/USD

The BTC/USD quotes are in a sideways trend. A unidirectional trend is not observed. At the moment, the key support and resistance levels are 7800.00 and 8500.00, respectively. In the near future, a technical correction is not excluded. Indicators do not give accurate signals:
- The price has crossed 50 MA;
- 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 8500.00, the BTC/USD quotes are expected to correct. The movement is tending to 9000.00-9400.00.

Alternative option. If the price fixes below 7800.00, it is necessary to look for entry points to the market to open short positions. The target movement level is 7400.00-7000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 02.10.2019

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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