Bitcoin – 4H.
What kind of confidence is in the tool, which for no reason grows from $3,000 to $14,000 in a matter of months? That's right, nothing. Bitcoin remains a tool that is used to extract the largest possible profit in a minimum period, as well as a tool for illegal anonymous transactions. It is for this purpose that bitcoin exists, and after it, a huge number of other cryptocurrencies were created. The information that more investors are resorting to the function of preserving the value through the "cue" is true but is misinterpreted. Most likely, a certain part of investors is just waiting for bitcoin to take off again to $20,000 to earn on this again. When oil reached the range of $120 – 150 per barrel several times, most of the experts and analysts talked about the "bubble". They say that speculators inflated the price of energy carrier number 1 in the world, after which there were inevitable collapses. But here we are talking about energy, which is used by the whole world, which is used in any production and therefore has a value. Despite the emergence of alternative energy sources, it is not yet possible to replace oil completely with them. But without bitcoin, the world can safely live as it lived some 10 years ago. Cryptocurrency has no value. Therefore, almost any strong growth of the cryptocurrency is caused by the influx of one-day investors who listen to the forecasts of the guru of the cryptocurrency market or crypto-millionaires about the growth of bitcoin to $50,000 - $250,000, and promptly buy it, which leads to an increase in value. There are no fundamental reasons behind these takeoffs. Yesterday, bitcoin fell to $10,500 per coin and may continue to fall, as one-day investors began to leave the crypto market, as evidenced by the decline in trading volumes.
The Fibo grid is based on the extremes of July 10, 2019, and July 17, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin has completed the consolidation under the level of 38.2%. So I recommend selling cryptocurrency with the target of $9980 and $9558 with the stop-loss order above the level of 38.2%. I recommend buying bitcoin with a target of $11057, and with a stop-loss order under the level of $10585, if the closing is performed above the correction level of 38.2%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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