Bitcoin is tending to recover

10 January, 2019

Since the beginning of this month, the bullish sentiment has prevailed on the cryptocurrency market. The BTC/USD quotes have risen by more than 6.5% and have updated key extremes. Let’s consider the current news feed.

According to Bloomberg, the Financial Services Agency (FSA) may approve crypto exchange-traded funds (ETFs). At the moment, the financial regulator is studying the industry's interest in crypto ETFs.

The Irish government has adopted a bill aimed at anti-money laundering, which also refers to tightening the rules on the work of cryptocurrency companies.

Reserve Bank of India (RBI) has postponed plans to launch a digital currency. This was reported by the Hindu Business Line.

Today, the BTC/USD quotes are testing the mark of $4,100 at Bitstamp.

Current Technical Picture of BTC/USD

At the moment, the BTC/USD quotes are consolidating. The current technical pattern signals a further correction of the Bitcoin rate. The key support and resistance levels are 3800.00 and 4100.00, respectively. Indicators point to the power of buyers: 

Positions should be opened from the key levels.

Trading recommendations

If the price fixes above the resistance level of 4100.00, further growth of the cryptocurrency exchange rate is expected. The movement is tending to 4400.00-4800.00.

Alternative option. If the price fixes below 3800.00, it is necessary to look for entry points to the market to open short positions. The movement is tending to 3400.0-3200.0.

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


Source link   Crypto currency: Bitcoin


Bitcoin Cash moving, little action elsewhere

Crypto markets have woken up a little mid-week but gains are very slim and momentum has been limited. A tiny bounce has taken total market capitalization back over $120...

Ether consolidates below crucial barriers

ETH price declined recently below $120 and tested the key $112 support area against the US Dollar. Yesterday's highlighted important bearish trend line is intact with...

Ripple Poised To Break $0.3000 Support

Ripple price is currently under pressure below the $0.3200 and $0.3180 support levels against the US dollar. There is a crucial bearish trend line formed with resistance...

Bold Price Predictions For Stellar

Crypto predictions are always taken with a pinch of salt. They are essentially just guesswork based on a few fundamentals and snapshots of the market at any given time...


Ethereum Consensus Shift

The biggest thing on the launch pad this year is the Bakkt crypto exchange which is currently in a holding pattern while US government employees twiddle their thumbs during Trump's shutdown...

Tron fundamentals continue to strengthen

There are very few crypto assets that have strong enough fundamentals at the moment to keep the bears away but Tron is one of them. Almost daily announcements...

Bitcoin goes up

On Tuesday, crypto assets managed to head north. Bitcoin surged beyond the $3,500 mark, neglecting news that Bulgaria's tax agency is on the verge of probing digital currency companies. Eventually, Bulgaria turns...

XRP Find Support as Bears Slow Down

Over and above everything, Sep 2018 rally guides our medium to long-term price projection. In the short-term, price drops below our support line at 30 cents could...