13.08.201909:12 Forex Analysis & Reviews: Forecast for Bitcoin and US dollar on August 13th. India is preparing for a complete ban on cryptocurrencies at the legislative level

Bitcoin – 4H.

As seen on the 4-hour chart, Bitcoin performed a fall to the correction level of 23.6% ($11094) and a double retreat from it. As a result, on August 12, the new growth of bitcoin quotations in the direction of the correction level of 61.8% ($11544) began. From the main news of the last days, I would note the complete ban on the issue, turnover, and payments using cryptocurrencies, which is being prepared in the Indian Parliament. Previously, the Central Bank struggled with cryptocurrencies by prohibiting commercial banks from opening accounts for the use of cryptocurrencies and any individuals and legal entities that use them. Now, cryptocurrencies can be banned completely.

Meanwhile, debates continue among BTC analysts, experts, and investors about whether the US government can completely ban bitcoin? Opinions differ, as usual. Some experts believe that it was possible to ban bitcoin a few years ago when it was not so popular. Now, there is evidence that the "elite" are starting to use bitcoin, and cryptocurrency is also starting to be used as a means of preserving value, it is completely impossible to ban it. However, it is possible that the Fed will want to establish control over the cryptocurrency segment, and the Ministry of Finance is already taxing any transactions with bitcoin since it is considered an asset, not money. The second cornerstone issue, causing much controversy, is the future of BTC. Here, again, opinions differ. Starting from the forecasts that bitcoin will cost $250,000, ending with the fact that the cryptocurrency will go into the shadows. Although most of the forecasts predict "cue" further growth. It is also noted that the correlation of bitcoin with any of the currencies has recently weakened. First of all, it concerns the US dollar. This is due to the fact that bitcoin is increasingly becoming independent. Previously, there was a very strong correlation with the yuan and the dollar, now it is getting weaker every day. Moreover, some experts are beginning to call Bitcoin a more interesting investment tool than, for example, gold. They explain this by the fact that gold will continue to be mined, but the number of bitcoin coins is still limited.

The Fibo grid is based on the extremes of July 10, 2019, and July 17, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin has made a return to the Fibo level of 50.0%. Thus, I recommend buying a cryptocurrency with the target of $11544 and $12142, with the stop-loss order under the level of 50.0%, since the rebound from the level of $11057 was performed. I recommend selling bitcoin with the target of $10585, and with the stop-loss order above the level of $11057, if the closure is performed under the correction level of 50.0%.