empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

29.05.201909:02 Forex Analysis & Reviews: Bitcoin. Correction before a new movement upwards?

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The Bitcoin exchange rate has returned to the first important support level, which can hit stop orders slightly lower and force speculators to take profits.

Vitas Vasiliauskas, a member of the board of the European Central Bank, said that states should consider the option of introducing and using national cryptocurrencies in the wholesale and retail trade. In his opinion, such a move will improve monetary policy and modernize its processes.

Signal to buy Bitcoin (BTC):

Despite the slight decline in Bitcoin, from a technical point of view, nothing has changed. The task of buyers is to hold the support level of 8480, as well as the breakthrough of the range of 8900, which will lead to the area of new highs of 9100 and 9300, where I recommend fixing the profit. Those who still believe in the correction and reduction of Bitcoin, you can wait for the update of the 8120 lows and open long positions from there.

Signal to sell Bitcoin (BTC):

The bears still managed to put pressure on Bitcoin and gradually returned it to the support area of 8480. Fixing below this level will lead to the demolition of a number of stop orders and reduce the cryptocurrency in the support area of 8120 and 7646, where I recommend fixing the profit. In the scenario of the next growth, it is best to return to short positions in Bitcoin with an unsuccessful breakout of the level of 8900 or a rebound from the highs of 9100 and 9300.

Exchange Rates 29.05.2019 analysis

Miroslaw Bawulski
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off