The BTC/USD Quotes Are Consolidating. Investors Expect Additional Drivers

Technical indicators:
  • Capitalization, B.: $179.09
  • Change, %, weekly: -3.97
  • Change, %, annually: 48.95%
  • 52-week range: 3,122.3 – 13,861.9

Bitcoin is still in a sideways trend. Financial market participants expect additional drivers. Let’s consider the current news feed of the digital currencies world.

The CME Group plans to launch options on bitcoin futures in early 2020. The decision was based “on growing increasing client demand and robust growth in Bitcoin futures markets.”

Bakkt has launched trading in bitcoin futures. “We’re live! The first Bakkt Bitcoin Futures trade was executed at 8:02pm ET at a price of $10,115,” the company said on Twitter.

VanEck and SolidX withdrew the application for the launch of the Bitcoin ETF, filed with the US Securities and Exchange Commission (SEC).

Today, the BTC/USD quotes are testing the $9.890 mark at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 9800.00, 9400.00, 9000.00
  • Resistance levels: 10400.00, 10900.00, 11200.00

Last two weeks, the BTC/USD quotes are in a sideways trend. At the moment, the key support and resistance levels are 9800.00 and 10400.00, respectively. Cryptocurrency has the potential for further correction. Indicators do not give accurate signals:
- 50 MA has crossed 200 MA;
- The MACD histogram is located near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes below the support level of 9800.00, further correction of the BTC/USD quotes is expected. The movement is tending to 9400.00-9000.00.

Alternative option. If the price fixes above 10400.00, it is necessary to look for entry points to the market to open long positions. The target movement level is 10900.00-11200.00.

When tracking positions, one should use a trailing stop.

by JustMarkets, 23.09.2019

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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