The BTC/USD Quotes Are Testing the $6400 Mark

Technical indicators:
  • Capitalization, B.: $119.11
  • Change, %, weekly: -9,72
  • Change, %, annually: +90
  • 52-week range: 3,330 – 13,861.9

The Bitcoin rate shows negative dynamics. The BTC/USD quotes have updated local lows. The potential for further decline is still high. Let’s consider the current news feed.

The Japanese startup Nayuta has announced the launch of a non-custodial "lightning network mobile wallet with a built-in bitcoin full node." The app is available for Android devices. For transactions, the Lightning Labs LND client is used.

Also, last week, the Bakkt cryptocurrency platform launched new trading products – bitcoin options and cash-settled futures contracts.

Binance has partnered with peer-to-peer Paxful crypto platform. Binance users will now be able to use the Paxful platform, which supports 167 fiat currencies, to buy bitcoins.

Today, the BTC/USD are testing the $6.470 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 6400.00, 6000.00
  • Resistance levels: 7000.00, 7600.00, 7800.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The trading instrument is testing the support level of 6400.00. The round level of 7000.00 is already a "mirror" resistance. Indicators signal the power of sellers:
- The price has fixed below 50 MA and 200 MA;
- MACD is in the negative zone and continues to decline.

Positions should be opened from key levels.

Trading recommendations

If the price fixes below 6400.00, a further drop in the cryptocurrency rate is expected. The movement is tending to the round level of 6000.00.

Alternative option. If the price fixes above 7000.00, it is necessary to look for entry points to the market to open long positions. The movement is tending to 7500.0-7700.0.

When tracking positions, one should use a trailing stop.

by JustForex, 18.12.2019

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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