05.07.201908:29 Forex Analysis & Reviews: Bitcoin failed to cope with the level of 12 000 USD

Bitcoin growth stopped at around 12 000 USD and traders failed to cope with this range against the background of new purchases that have been observed in the market since the beginning of this week. Yesterday, another study was published, which proves that part of the trading volumes in the cryptocurrency market was fabricated.

A report from FTX Global and liquidity provider Alameda Research indicated that 68.6% of trading volumes that take into account services such as CoinMarketCap are falsified. However, the study was sharply criticized in the cryptocurrency community because of the hard filters that were used in the analysis, which led to the screening of some of the real volumes.

Bitcoin (BTC) buy signal:

Bitcoin buyers remain near the level of 11 900, however, to return to an upward trend, it is now necessary to consolidate above the 11 230 area, which the bulls lost yesterday. Only after that, we can expect the continuation of Bitcoin growth in the area of the highs of 12 500 and 13 200, where I recommend taking profits. In case of a depreciation scenario, it is possible to open long positions on a rebound from a minimum of 10 100.

Bitcoin Sales Signal (BTC)

Sellers need to keep Bitcoin below the resistance of 11 230, and false breakout in this range will be a signal to open short positions, which will lead to a decrease in the support area of 10 100, where I recommend taking profits. In case of growth above the resistance of 11 230, you can count on sales from a weekly high in the region of 12 000 USD.