The "Digital Gold" Prices Are Stable. The Technical Pattern Is Ambiguous

Technical indicators:
  • Market Cap, billion: $112,84
  • % chg. over the week: -0,08
  • % chg. over the year: 9,18
  • 52 wk range: 5.366 – 19.666

The Bitcoin rate continues to consolidate. Financial market participants expect additional drivers. Let's consider the current news feed.

The Chinese government intends to regulate the work of blockchain startups. The Cyberspace Administration of China (CAC) published draft regulations on Friday. The main points of blockchain companies regulation are described in 23 paragraphs.

The Financial Services Agency (FSA) has assigned the Japan Virtual Currency Exchange Association (JVCEA) the status of "certified fund settlement business association".

According to Wellington Koo, chairman of Taiwan’s Financial Supervision Commission (FSC), Taiwanese regulators are developing new ICO regulations to simplify the process for investors.

Today, the BTC/USD quotes are testing a mark of $6,435 at Bitstamp.

Current technical pattern on BTC/USD
  • Support levels: 6360.00, 6200.00, 6100.00
  • Resistance levels: 6480.00, 6640.00, 6800.00
BTC/USD

Last two weeks, the BTC/USD quotes have been in a sideways trend. The trading instrument is testing key support and resistance levels: 6360.00 and 6480.00, respectively. In the near future, we do not exclude the Bitcoin rate recovery. Indicators do not send accurate signals:

- The price has crossed 50 MA and 200 MA;
- 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 6480.00, the BTC/USD quotes are expected to grow. The movement is tending to 6640.00-6800.00.

Alternative option. If the price fixes below 6360.00, it is necessary to look for entry points to the market to open short positions. The target movement level is the demand zone of 6200.00-6100.00.

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

by JustForex, 2018.10.24

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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