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

Technical indicators:
  • Market Cap, billion: $113,15
  • % chg. over the week: -2,84
  • % chg. over the year: 63,04
  • 52 wk range: 3.870 – 19.666

The Bitcoin rate continues to consolidate. Investors expect additional drivers. Let’s consider the current news feed.

Dubai Department of Finance launched the blockchain-based payment system "Payment Reconciliation and Settlement" in collaboration with Smart Dubai Office (SDO).

According to the latest report of the Bank for International Settlements (BIS), the regulatory actions still have a significant impact on the prices of the cryptocurrency and the market as a whole.

Google will allow regulated cryptocurrency exchanges in the US and Japan to place advertisements starting in October. To do this, advertisers will need to be certified with Google for the country where the ads will appear.

Today, the BTC/USD quotes are testing a mark of $6,500 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 6350.00, 6200.00, 5900.00
  • Resistance levels: 6550.00, 6800.00, 7100.00
BTC/USD

At the moment, the cryptocurrency is consolidating. The key trading range is 6350.00-6550.00. In the near future, we do not exclude the further recovery of the BTC/USD quotes. Indicators do not send accurate signals:

- The price is testing 50 MA, which is a 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 6550.00, further growth of the Bitcoin rate is expected. The closest target for fixing profit is the offer zone of 6800.00-6900.00.

Alternative option. If the price fixes below the level of 6350.00, it is necessary to consider sales of BTC/USD. The movement is tending to 6200.00-6100.00.

When following the positions, one should use a trailing stop.

by JustForex, 2018.09.26

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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