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Bitcoin – 4H.
I have repeatedly said that bitcoin itself as a tool for calculation or investment does not look too attractive. Its sharp increase in cost and popularity looks just like another innovative hype that will eventually go into the shadows. The blockchain technology itself will be used in many areas and will be really useful for humanity, but the use of cryptocurrencies to replace fiat money still looks doubtful.
Leading analysts and experts continue to predict the "cue ball" growth to "heaven". The figures from $20,000 to $50,000 were announced again, to which BTC can come out in 2020 and 2021. I still believe that bitcoin is already highly overrated and the world is unlikely to ever see such figures. However, at the same time, it should be recognized that bitcoin remains under the power of investors. The more large investors and one-day investors will buy it, the more its rate will grow. So theoretically, bitcoin may well rise to $50,000. But it is easy to calculate that for such growth, the demand for number one cryptocurrency should grow by 5 times. There are no prerequisites for such an increase in interest in the "cue ball" yet.
But there are preconditions for the growth of cost. First of all, it is the mood of many leading Central Bank of the World (China, ECB, Fed) to ease monetary policy. The reduction in the interest rate on loans will also lead to a decrease in the yield of government securities, which many investors use the "island of security". Accordingly, some part of the funds, albeit small, will flow from securities to other alternative investment tools, in particular, bitcoin. Tomorrow evening, do not miss the release of the minutes of the last meeting of the Fed's monetary committee, which will indicate the future plans of the system, as well as the results of voting on the rate at the last meeting. A further reduction in the rate of bitcoin will be a bullish factor.
The Fibo grid is built on the extremes of July 17, 2019, and August 6, 2019.
Forecast for Bitcoin and trading recommendation:
Bitcoin has performed a close above the Fibo level of 50.0% ($10642). Thus, I recommend buying cryptocurrency with a target of $11021, with the stop-loss order below the level of 50.0%.
I recommend selling bitcoin with the target of $10251, and with the stop-loss order above the level of $10642, if the consolidation is performed under the correction level of 50.0%.
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