Cryptocurrency Analysis

[IFX_Selena]

Forecast for Bitcoin and US dollar on August 1. The importance of bitcoin is highly overrated. Sooner or later, the "bubble" will burst

Bitcoin – 4H.

As seen on the 4-hour chart, Bitcoin has completed the consolidation above the correction level of 100.0% ($9679). However, BTC's growth potential is currently limited. The first reason is another growth of the US dollar in the world currency markets. Yesterday's speech by Jerome Powell was regarded as positive for the dollar, despite the Fed's key rate cut. As a result, the US dollar has risen in price, and today, this wave can cover bitcoin with other cryptocurrencies, the price of which is measured in dollars. Secondly, many experts and analysts of the cryptocurrency segment begin to give their forecasts about the cost of the "cue ball" in six months or a year. According to many experts, the price may rise to $55,000. From my point of view, such scenarios cannot be excluded, but now they look absurd. The last time bitcoin grew to $20,000, predictions were made with numbers and $200,000 and even more for a single BTC coin. After that, Bitcoin fell to $ 3,000 per coin. This is what makes bitcoin the most unattractive tool for preserving the value of money from all existing ones. An asset that can rise in price by 5-10 times in a short period of time and in the same way fall in price, can only attract investors to "wait a few years" and with the hope that bitcoin will grow to just $ 50,000. But no sane investor will store his savings in cryptocurrencies if his goal is to save money. Therefore, I believe that bitcoin is very much overrated. At the current time, this is an HYIP technology, on which many want and try to earn. The advantage of bitcoin over fiat money is only one – anonymity. But anonymity is not necessary for those who do not suppress the laws. Therefore, many ordinary citizens do not need bitcoin as a means of payment. Especially – given its fluctuations in value.

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


Forecast for Bitcoin and trading recommendations:
Bitcoin has completed the consolidation above the correction level of 100.0% ($9679). Thus, I recommend buying cryptocurrency with the target of $10478, with the stop-loss order below the level of 100.0%. I recommend selling bitcoin with the target of $8744, and with the stop-loss order above the level of $9558, if the closure is performed under the correction level of 38.2%.



Performed by Samir Klishi
Analytical expert
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