The BTC/USD Quotes Are Consolidating. The Potential for Recovery Remains

Technical indicators:
  • Capitalization, B.: $63,39
  • Change, %, weekly: -1,67
  • Change, %, annually: -57,95
  • 52-week range: 3.122,3 – 11.780

At the moment, the "digital gold" prices are consolidating after a sharp rise last week. The BTC/USD quotes are tending to correct. Let’s consider the current news feed.

According to a press release published on February 12, the US Commodity Futures Trading Commission (CFTC) said that the cryptocurrency would become a priority for examinations in 2019.

The South Korean cryptocurrency exchange Bithumb launched an over-the-counter platform for institutional investors and traders.

Nasdaq will launch two cryptocurrency indexes. The stock exchange will display Bitcoin and Ethereum quotes, presented by Brave New Coin starting from February 25.

Japan's Mitsubishi UFJ Financial Group (MUFG) has announced the launch of a new blockchain-based payment system.

Today, the BTC/USD quotes are testing the $3,550 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 3525.00, 3450.00, 3350.00
  • Resistance levels: 3650.00, 3750.00, 3900.00
BTC/USD

There is an ambiguous technical pattern in the trading instrument. Bitcoin is being traded in a flat. The key support and resistance levels are 3525.00 and 3650.00, respectively. Indicators do not send accurate signals:
- 50 MA has crossed 200 MA;
- MACD histogram is in the negative zone.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 3650.00, further growth of the BTC/USD quotes is expected. The movement is tending to 3750.00-3900.00.

Alternative option. If the price fixes below 3525.00, it is necessary to look for entry points to the market to open short positions. The target movement level is 3400.00-3300.00.

When following positions, one should use a trailing stop.

by JustForex, 14.02.2019

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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