Cryptocurrency Analysis

[IFX_Selena]

Forecast for Bitcoin and US dollar on July 31. Bitcoin, the most ambiguous tool, can move into growth again

Bitcoin – 4H.


As seen on the 4-hour chart, Bitcoin made a return to the correction level of 100.0% ($9679). However, the bearish divergence of the CCI indicator allows traders to count on some Bitcoin fall in the direction of the Fibo level of 127.2% ($8744). However, the passage of the peak of that divergence will cancel it, and the growth of BTC will continue in the direction of the correction level of 76.4% ($10478). According to many experts, Bitcoin in the long term will only continue to rise in price. In 2020, there will be a reduction in the remuneration of miners for the mined block. Now, it is 12.5 BTC, and will be – 6.25 BTC. The last time a similar event happened, in 2016, Bitcoin prices soared 10 times. However, the question: Is it possible that an unconfirmed cryptocurrency, which is often used for illegal purposes, will rise in price simply on the basis of a decrease in supply? It seems so. Of course, halving will take place only next year, and the "cue" and other cryptocurrencies still cannot exist on their own. That is, if the governments of the largest countries of the world prohibit the turnover of cryptocurrencies, it will already entail the collapse of their value. Thus, we can say that Bitcoin is growing, because it is still allowed to do so. India, however, has already banned cryptocurrencies. Perhaps in the future, other countries will follow its example.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.

Forecast for Bitcoin and trading recommendations:
Bitcoin made a return to the correction level of 100.0% ($9679). Thus, I recommend selling the cryptocurrency with the target of $8744, with the stop-loss order above the level of 38.2%, if there is a new rebound from the level of 100.0%. I recommend buying Bitcoin with a view to $10478, and with a stop-loss order under the level of $9558, if the closing above the correction level of 38.2% is performed.



Performed by Samir Klishi
Analytical expert
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