The BTC/USD Quotes Are Testing Monthly Lows

Technical indicators:
  • Market Cap, billion: $134,61
  • % chg. over the week: -7,05
  • % chg. over the year: 275,24
  • 52 wk range: 1.315,7 – 19.666

Since the beginning of this week, the main cryptocurrencies have continued to decline, as traders are concerned about regulation tightening. The news feed:

Last week, the Consensus 2018 blockchain-conference took place in New York. Analysts assumed that the conference would positively affect the dynamics of the cryptocurrency market. However, this did not happen.

The Argentinian Banco Masventas, announced the launch of international transfer service using Bitcoin. Bank entered into agreement with the Bitex exchange.

Today, the BTC/USD quotes on the Bitstamp exchange are testing a mark of $7,900.

The current technical pattern on BTC/USD
  • Support levels: 7800.00, 7200.00, 6600.00
  • Resistance levels: 8200.00, 9000.00, 9400.00
BTC/USD

At the moment, the BTC/USD quotes have approached the support level of 7800.00. The 8200.00 mark is already a "mirror" resistance. The trading instrument has the potential for further decrease. Indicators point to the power of sellers:
- The price has fixed below 50 MA and 200 MA;
- The MACD histogram is located in the negative zone and continues to decrease.

We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes below the support level of 7800.00, it is necessary to consider sales of BTC/USD. The immediate goal of profit taking is the demand zone of 7400.00-7200.00.

Alternative option. If the price fixes above the "mirror" resistance of 8200.00, correction movement is expected. The movement is tending potentially to 8800.00-9000.00.

When following the positions, we recommend using a trailing stop.

by JustForex, 2018.05.23

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more