The Bitcoin Rate Continues to Recover

Technical indicators:
  • Market Cap, billion: $157,92
  • % chg. over the week: +14.81
  • % chg. over the year: 637.95
  • 52 wk range: 1,141 – 19,666

Last two weeks, the BTC/USD quotes has been showing positive dynamics. The potential for growth is still high. Let’s consider the current news feed:

- The Central Bank of Iran has banned country’s banks and other financial institutions from using cryptocurrency. The Iranian government believes that the cryptocurrency can be used for money laundering, supporting terrorism and exchange of sums between wrongdoers.

- The European Parliament has reached an agreement to strengthen regulation of cryptocurrencies. According to the official release, crypto exchanges and wallet providers will be obliged to apply due diligence controls for customers, including customer verification requirements. Also, crypto exchange platforms and service providers have to be registered. New rules are aimed at fighting against money laundering schemes and financing terrorism.

The current technical pattern on BTC/USD
  • Support levels: 9000.00, 8400.00, 7800.00
  • Resistance levels: 9400.00, 10000.00
BTC/USD

At the moment, the BTC/USD quotes are testing the key resistance level of 9400.00. Round level of 9000.00 is already a "mirror" support. The further growth of the trading instrument is not excluded. Indicators point to the power of buyers:
- The price has fixed above 50 MA and 200 MA;
- MACD is located in the positive zone and continues to rise.

We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes above the resistance level of 9400.00, further growth of the BTC/USD quotes is expected. The immediate goal of profit taking is a round level of 10000.00. When following the positions, we recommend using a trailing stop.

Alternative option. If the price fixes below the level of 9000.00, it is necessary to look for entry points to the market to open short positions. The movement is tending potentially to 8400.00-8200.00.

by JustForex, 2018.04.24

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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