empty
 
 
03.08.2020 07:36 AM
Technical Analysis of BTC/USD for August 3, 2020:

Crypto Industry Outlook:

On Sunday Bitcoin and Ethereum fell 12% and 20% respectively in about 6 minutes during Flash Crash. Over $ 1 billion in positions have been liquidated.

According to Bybt market data, over 72,422 traders have liquidated in the last 24 hours. The largest single $ 10 million liquidation occurred on BitMEX. As Bitcoin and Ether marked new heights, many of the top 20 altcoins saw impressive gains. XRP grew 19.7%, Stellar Lumens (XLM) grew 13.25% and Dogecoin (DOGE) 12.93%.

According to CoinMarketCap, the total cryptocurrency market capitalization currently stands at $ 338.3 billion. Bitcoin's domination index is 61.5%.

Technical Market Outlook:

The BTC/USD pair has dropped from $12,035 to $10,494 during the Flash Crash and then bounced to the level of $11,317. The level of $12.035 is the new yearly ATH, so the market sentiment is clearly bullish. Currently, the market trades around the level of $11,000 in a narrow zone located between the levels of $10,895 - $11,317. Any violation of either of those levels will indicated a possible direction for the nearest future. Please notice the neutral momentum that support the sideways view for the market during the next 24 hours.

Weekly Pivot Points:

WR3 - $14,325

WR2 - $13,003

WR1 - $12,116

Weekly Pivot - $10,976

WS1 - $9,784

WS2 - $8,681

WS3 - $7,717

Trading Recommendations:

Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.

This image is no longer relevant

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $9000 más!
    ¡En Mayo, sorteamos $9000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback