BTC/USD Quotes Updated the Annual Minimums

Technical indicators:
  • Capitalization, B.: $59,65
  • Change, %, weekly: -17,82
  • Change, %, annually: -75,46
  • 52-week range: 3.300 – 19.666

The cryptocurrency market keeps falling. By the latest reports, almost all cryptocurrencies are 90% down from their historical maximum. The market capitalization is 107B USD while a week ago it reached 130.7B.

Additional pressure is caused by the news from Japan, where the government demands the cryptocurrency exchanges to release the info on their customers, to prevent money laundering and tax evasion. While Japan has fees on cryptocurrency trading, the majority of investors prefers not to report on their income.

G20, during the summit, reviewed the possibility of cryptocurrency regulation by the FATF standard. This question was also raised to prevent money laundering and tax evasion.

BTC/USD at Bitstamp is testing $3,400.

Current Technical Picture of BTC/USD
  • Support levels: 3300.00, 3000.00
  • Resistance levels: 3650.00, 4000.00, 4400.00
BTC/USD

BTC/USD are consolidating around the annual minimums. The key support and resistance levels are 3300.00 and 3650.00. Indicators point towards the power of the buyers:

- price fixed below 50 МА and 200 МА;
- MACD is in the negative zone and keeps descending.

Still, you should open positions from the key levels.

Trading recommendations

If the price fixes below the support of 3300.00, you should consider selling BTC/USD. The next support is at 3000.00.

Alternatively, the price fixes above the mirror resistance 3650.00 and creates a corrective movement towards 4000.00-4400.00.

You should use trailing stop for all positions.

by JustForex, 07.12.2018

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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