The Bitcoin Rate Is Stable. Investors Expect Additional Drivers

Technical indicators:
  • Market Cap, billion: $109,53
  • % chg. over the week: -2,63
  • % chg. over the year: 54,21
  • 52 wk range: 3.514 – 19.666

The "digital gold" prices have stabilized after a significant decline at the beginning of this month. Financial market participants expect additional drivers. Let's consider the current news of the cryptocurrency market.

On September 25, Poloniex is going to delist eight assets: BitcoinDark (BTCD), Bitmark (BTM), Einsteinium (EMC2), GridCoin (GRC), NeosCoin (NEOS), PotCoin (POT), VeriCoin (VRC), Bitcoin Plus (XBC).

Mastercard has developed a blockchain-based system to simplify B2B transactions. The system is set out in three patent applications, which were recently published by the US Patent and Trademark Office.

Sagar Sarbhai, Ripple’s head of regulatory relations for APAC and Middle East, reported that the company could launch a commercial version of the xRapid in a month or so.

Today, the BTC/USD quotes are testing a mark of $6,300 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 6200.00, 5900.00
  • Resistance levels: 6400.00, 6550.00, 6800.00
BTC/USD

At the moment, the cryptocurrency is consolidating. The key trading range is 6200.00-6400.00. In the near future, we do not exclude the BTC/USD quotes recovery. Indicators do not send accurate signals:

- The price is testing 50 MA, which is strong dynamic resistance;
- 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 6400.00, the Bitcoin rate is expected to recover. The closest target for fixing profit is the local resistance level of 6550.00. The movement is tending to the 50.0%-61.8% correctional zone (6760.00-6900.00).

Alternative option. If the price fixes below 6200.00, it is necessary to consider sales of BTC/USD. The target movement level is 6000.00-5800.00.

by JustForex, 2018.09.19

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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