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    Thread: Cryptocurrency Analysis

    1. 09-06-2019, 03:14 AM #11 Collapse post
      IFX_Selena
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      BTC. Major resistnace on the test and potential new downward movement

      Bitcoin 4H time-frame:
      Name: b-p-050919.jpg Views: 82 Size: 74.1 KB

      I found large symmetrical triangle pattern based on the 4H time-frame and the BTC is trading near the resistance now. I think that the growth potential of BTC is now limited. The first reason is cause there is increase demand for the crude oil, which is very attractive for investorsThe trade war is still active and investors are in indecision about the dollar, which indicates limited upside for BTC. I think that overall Bitcoin can go lower due to no big buyers on the market and due to much more attractive markets now like a energy market.I found bearish divergence on the MACD oscillator, which is another indication for lower prices.


      Bitcoin Forecast and recommendations for traders:
      Bitcoin is in overall consolidation phase but most recently I found resistance on the test and the potential breakout of $10,350 may confirm lower BTC. Thus, I recommend selling cryptocurrency with a target of $9,453, with a Stop Loss level of $11,000


      Name: s_jacimovic.png Views: 33 Size: 4.8 KB
      Performed by Petar Jacimovic
      Analytical expert
      InstaForex Group © 2007-2019

      Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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