empty
 
 
19.08.2019 09:11 AM
Forecast for Bitcoin and US dollar on August 19th. "The index of fear and greed" fell to the minimum values. Bitcoin deanonymization

Bitcoin – 4H.

This image is no longer relevant

Trading on cryptocurrency exchanges is carried out seven days a week, and at the moment, the quotes of the "cue ball" have closed above the correction level of 61.8% ($10,251). The fall of BTC ended this time around the Fibo level of 38.2% ($9,558) on the red Fibo grid. Thus, bitcoin has yet to avoid further fall and is held above $10,000 per coin. "Index of fear and greed" on August 19. This is not the lowest value, but it is still low. It reflects the mood of crypto traders, who are now more inclined to sell "cue ball", as they are more afraid of a further drop in the price of cryptocurrency than they expect to earn.

At the same time, many investment funds began to pay a premium to miners in the amount of 20% for the so-called "purity" of bitcoin. The "purity" of bitcoin means the number of transactions for each specific coin. The newly received bitcoin has no transactions yet, which means that it did not participate in any illegal operations. This attitude of the major funds for "purity" due to fears that US authorities will achieve in the long term deanonymization of bitcoin. The Bitcoin network stores information about absolutely all transactions of each coin. Thus, if the government authorities can find a way to decrypt and such an initiative is approved by law, the main trump card of the "cue ball" will sink into oblivion. Large funds understand this and want to be safe right now, since "dirty" BTC can be confiscated, no matter how wild it sounds now, or they will have less demand and price.

The second important trump card that Bitcoin has already lost is its innovativeness. At the time of take-off, up to $ 20,000, bitcoin was discussed by everyone, any citizen of any country wanted to buy it because the technology was new and promised huge profits in a relatively short time. Now, the excitement around the crypto segment is falling, which leads to a decrease in the number of transactions.

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

Forecast for Bitcoin and trading recommendations:

Bitcoin closed above the Fibo level of 61.8% ($10,251). Thus, I recommend buying cryptocurrency with the target of $10642, with the stop-loss order below the level of 61.8%.

I recommend selling bitcoin with the target of $9,782, and with the stop-loss order above the level of $10,251, if the consolidation is performed under the correction level of 61.8%.

Samir Klishi,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback