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Bitcoin – 4H.

Exchange Rates 16.08.2019 analysis

Just last week, several investors in bitcoin and experts of the crypto market experts predicted growth to $15000 before the end of the week (last). Well, until the end of 2019, the figures were from $25000 to $50000 for BTC. Now, bitcoin is falling, briefly stopped near the correction level of 38.2% ($9558), rolled back and has already returned to this level. Thus, I expect the "cue ball" quotes to continue falling. Now is the time when one-day investors leave the market, as a result of which, we are seeing a very strong drop in the number 1 cryptocurrency. Bulls are now unable to stop this fall, so most likely we will fall below the level of $9000, about which the fall was completed two times earlier (on July 17 and 29).

From the news, it is necessary to allocate the mailing of letters by the US tax service to cryptocurrency traders with a request to specify the exact amounts of funds that were not paid to the state budget. The CP2000 notification form, which was applied in this case, means that there are discrepancies between the taxpayers' data and the tax authorities themselves. That is, the tax service from its sources received information about the possible underpayment and now recommends that taxpayers either agree and pay extra, or challenge these requirements.

It is also interesting to note that in Hong Kong now, against the background of mass protests, clashes of the people with the police and the introduction of Chinese troops, bitcoin is traded more expensive than the average market price. However, to avoid saying that BTC is used to save value more often, current trading shows that bitcoin is falling, despite the situation in Hong Kong, the escalation of the US-China trade conflict.

The Fibo grid is built on the extremes of July 17, 2019, and August 6, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin fell to the Fibo level of 38.2% ($9558). Thus, I recommend selling the cryptocurrency with the target of $9022, with the stop-loss order above the level of 38.2%, if the closure is performed under $9558. I recommend buying bitcoin with a target of $10251, and with a stop-loss order under the level of $9558, if a rebound from the correction level of 38.2% is performed.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Samir Klishi,
Analytical expert
InstaForex Group © 2007-2019
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