Digital Gold Is in Sideways Movement. Recovery Is Still Possible

Technical indicators:
  • Capitalization, B.: $188.79
  • Change, %, weekly: +3.55
  • Change, %, annually: +44.58%
  • 52-week range: 3,122.3 - 13,861.9

Bitcoin continues to be traded in a flat with a fairly wide range. Since the beginning of this month, the BTC/USD quotes have shown positive dynamics. The trading instrument has reached key extremes. The potential for further growth remains. Let's consider the current news feed.

So, it became known that the Tether division plans to release a stabletcoin version of USDT, which will be provided with a basket of commodities such as gold, oil and rubber. They want to issue such a token in order to reduce the risks associated with storing large amounts in banks.

Blockchain cryptocurrency wallet provider is going to raise $50 million for Blockchain Ventures investment fund. This fund will invest not only in startups and digital tokens, but also for the development of security tools. According to the future head of Blockchain Ventures, the fund has not yet begun to work, but many investors have begun to invest in the project.

The Huobi Global cryptocurrency exchange, along with the Whole Network startup, introduced the Acute Angle blockchain smartphone with a built-in cryptocurrency wallet. The smartphone runs on Android. In addition to the ability to use a crypto wallet, the owner will receive push notifications about trade transactions. By the way, this version of the blockchain smartphone will be significantly cheaper than its predecessors.

Today, the BTC/USD quotes on the Bitstamp exchange are testing the $10.500 mark.

Current Technical Picture of BTC/USD
  • Support levels: 10000.00, 9400.00, 8400.00
  • Resistance levels: 10800.00, 11500.00, 12300.00
BTC/USD

At the moment, BTC/USD quotes are consolidating. Bitcoin is testing the resistance level of 10800.00. The round level of 10000.00 is the key support. Indicators do not send accurate signals:
- The price has crossed 200 MA;
- The MACD histogram is in the positive zone but has begun to decline.

We recommend opening positions from key levels.

Trading recommendations

If the price fixes above the level of 10800.00, further growth of BTC/USD quotes is expected. The target level of movement is 11400.00-12000.00.

Alternative option. If the price fixes below the round level of 10000.00, you need to look for entry points to the market to open short positions. The movement is tending to 9500.00-9000.00.

When tracking positions, one should use a trailing stop.

by JustForex, 04.09.2019

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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