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Bitcoin – 4H.
As seen on the 4-hour chart, Bitcoin performed several drops after the rebound from the correction level of 76.4% ($12142), but could not close under the Fibo level of 61.8% ($11544). Thus, the bullish mood in the crypto market remains. In America, North Carolina Congressman Ted Budd re-introduced the "Virtual Value Tax Fix Act", a bill that requires the abolition of double taxation for cryptocurrency transactions. Budd proposes to amend the Internal Revenue Code to cryptocurrencies were considered assets. At the moment, the Tax Service regards Bitcoin as an asset, respectively, its sale or exchange for other assets, currencies, values are taxed at 40%. That is, under current US law, bitcoin is closer to real estate than to the currency. According to Budd, this hinders the development of blockchain technology and the cryptocurrency segment.
At the same time, the Marketing Director of Rhythm Technologies Chris Reinertsen said that more investors include bitcoin in their portfolios, using the number 1 cryptocurrency in the world as a protective asset. This is a highly controversial view, as the high volatility of the asset and its zero provision with other values does not allow it to be considered as a means of preserving value in the long term. BTC is suitable for these purposes only for short periods since if the price starts to fall, it will fall quickly and strongly, which will lead to the withdrawal of the cryptocurrency from the portfolios of many investors. Further growth of the "cue ball" will be possible after closing the quotes above the correction level of 76.4% ($12142).
The Fibo grid is based on the extremes of July 10, 2019, and July 17, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin has made a return to the Fibo level of 76.4%. Thus, I recommend buying the cryptocurrency with the target of $13115, with the stop-loss order below the level of 76.4%, if the closure is performed above the level of $12137. I recommend selling bitcoin with the target of $11544, and with the stop-loss order above the level of $12137, if another retreat from the correction level of 76.4% is performed.
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