07.08.201915:34 Forex Analysis & Reviews: BTC 08.07.2019 - End of the downwad correction, watch for buying opporutnities

Industry news:

With a market capitalization of just over $200 billion, Bitcoin is now larger than the money supply of South Korea, Australia, Canada, and Brazil. According to statistics it could soon enter the top ten outpacing the likes of Russia and India.

Crypto trader going by the twitter handle 'Rhythm Trader' pointed out that Bitcoin is now the eleventh largest currency in the world.

"Bitcoin is now the 11th largest money in the world, and it obtained this with only a nine-page paper created anonymously fueled by a grassroots movement. Millions of people have chosen a bank with no CEO, office or marketing department and it should absolutely blow your mind."

Technical view:

Based on the 4H time-frame, I found that downward correction did complete and that there is a chance for testing of resistance levels at $12.300 and in case of the break BTC may try to visit $12.850-$13.100.

Both MACD and Stochastic oscillators are showing the new buying flow and there is the flip up on both oscillators, which is positive sign for further rally.

Resistance levels to watch:

$12.300 – Recent H4 swing high

$12.850 – Cluster swing high

$13.118 – Swing high

Support levels to watch:

$11.430 – Recent swing low levels

$11.000 – Gap zone

Trading recommendation:

Due to potential end of the downward correction and underlying upward momentum, my advice is to watch for buying opportunities with the first target at $12.850.