07.08.201908:27 Forex Analysis & Reviews: Forecast for Bitcoin and US dollar on August 7th. In the confrontation between the dollar and Bitcoin, the dollar looks stronger

Bitcoin – 4H.

As seen on the 4-hour chart, Bitcoin soared to the correction level of 76.4% ($12137). However, there followed the rebound and drop in quotes "cue" to the Fibo level of 50.0% ($11057). A bullish divergence is brewing at the CCI indicator, which can send BTC to new highs. Unfortunately, often the growth of bitcoin provokes a large influx of one-day investors, which causes an even greater growth of the cryptocurrency. This is its main difference not only from fiat money but also from most other assets. In the case of bitcoin, its purchase can bring a solid profit in 2-3 days. For example, over the past week, "cue" rose by $3000. What other assets can boast of such profitability? It is among investors and owners of Bitcoin that there is a huge number of one-day trials that form a high demand for an asset and provoke its rapid growth. And large investors, analysts, and cryptocurrency experts regularly make predictions about the future value of BTC from $20000 to $100000, thus fueling the interest of traders. Even those "cue balls" that lie on the accounts of their owners for more than 5 years intact are hardly used to save the value. These are long-term investments of large investors. Thus, I believe that bitcoin can only grow due to the wave-like roll of small investors on each wave of bitcoin growth. Bitcoin has no fundamental reason for growth.

The Fibo grid is based on the extremes of July 10, 2019, and July 17, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin has completed the consolidation above the Fibo level of 61.8%. Thus, I recommend buying cryptocurrency with the target of $12137, with the stop-loss order below the level of 61.8%. I recommend selling bitcoin with the target of $11057, and with the stop-loss order above the level of $11544, if the closure is performed under the correction level of 61.8%.