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Forex Analysis & Reviews: Bitcoin. The game continues on the nerves of buyers
time 17.07.2019 09:11 AM
time Relevance up to, 18.07.2019 08:33 AM

Bitcoin went below 10000 USD, and this is a very bad sign. Meanwhile, the good news came from Canada. While the exchange rate of cryptocurrencies and altcoins is throwing from side to side, Canadian regulators decided to join forces and develop a regulatory framework for the blockchain. As stated in the official release, Canadian securities administrators will focus on the study and creation of a regulatory framework for distributed registry technology.

Signal to buy Bitcoin (BTC):

The level of 9200 has worked itself out, but there is no return of demand for bitcoin yet. Bulls can only hope to trade above this range, which will allow them to count on a quick return of bitcoin above the level of 10000 USD. Only then can we say that the market has regained its equilibrium. In the scenario of further fall of the cryptocurrency, support levels are seen in the area of 8950 and 8620.

Signal to sell Bitcoin (BTC):

Bears are waiting for the second support test of 9200, which will lead to a breakthrough of this minimum and a further decrease in bitcoin in the area of 8950 and 8620, where I recommend fixing the profit. In the scenario of an upward correction, the upper limit of the downward channel can be built from the resistance of 10000, from where I recommend opening short positions. Otherwise, you can sell on a rebound from a maximum of 10600.

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Miroslaw Bawulski,
Analytical expert of InstaForex
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