05.08.201915:06 Forex Analysis & Reviews: BTC 08.05.2019 - Strong upward momentum

Industry news:

Iran's government is close to passing a bill that finalizes regulation for cryptocurrencies.

As reported by local news source PressTV, the country's cabinet ratified the bill on Sunday, approving legislation that will formally create a new industry of cryptocurrency mining, as was expected.

Mining will be allowed inside Iran as long as participant adhere to conditions listed in the bill, including obtaining industry ministry approval. Mining centres must also not be sited within a 30-kilometer (approximately 19-mile) range of all towns except the capital Tehran and major city of Esfahan where tougher restrictions will be applied, the report says.

Daily view:

Based on the daily time-frame, I found that the important resistance level at the price of $11.000 is broken and that there is the strong bullish momentum. There is a chance for more upside and potential test of $12.800-$13.000.

Important levels to watch based on daily view:

Resistance levels:

$12.800

$13.000

Support levels:

$11.000

$10.800

4H time-frame view:

Based on the 4H time-frame, I found new momentum up on the MACD oscillator, which is sign of the underlying bullish pressure. I also found consistency in the price action towards the level of $12.000. My advice is to watch only for buying positions on the dips due to very strong upward momentum.

Trading recommendation:

Watch for buying opportunities with the target at $12.840