Digital Gold Is Consolidating. The Technical Correction Is not Ruled out in the Near Future

Technical indicators:
  • Market Cap, billion: $108,31
  • % chg. over the week: +1,15
  • % chg. over the year: 48,89
  • 52 wk range: 2.977 – 19.666

The Bitcoin rate stabilized after a sharp decline last week. The BTC/USD quotes are consolidating. Investors expect additional drivers. Let’s look at the current news feed.

The U.S. Securities and Exchange Commission (SEC) suspended trading in two securities, Bitcoin Tracker One and Ether Tracker One. Trading with these instruments will resume on September 20.

ICO services platform TokenSoft announced the launch of support for projects based on the Stellar Lumens protocol.

South Korean banks intend to limit services for users of crypto exchanges who have not verified their identity.

Today, the BTC/USD quotes are testing a mark of $6,250 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 6200.00, 5900.00
  • Resistance levels: 6400.00, 6600.00, 6800.00
BTC/USD

Since the beginning of this week, the trading instrument has been moving in a flat. The BTC/USD quotes are testing the key support and resistance levels: 6200.00 and 6400.00, respectively. The technical pattern signals a possible correction. At the moment, a classic reversal formation of the price and MACD histogram divergence, has been formed.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 6400.00, correction movement is expected. The closest target for profit taking is the 6600.00 mark. The target movement level is the offer zone of 6800.00-6900.00.

Alternative option. If the price fixes below the support level of 6200.00, it is necessary to look for entry points to the market to open short positions. The movement is tending to 6000.00-5900.00.

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

by JustForex, 2018.09.12

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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