Trading Conditions
Products
Tools
Industry news:
The narrative about the Chinese buying up Bitcoin is flowing two ways – some reports say that the Chinese are turning to the cryptocurrency because of the FUD created by the US-China trade war, while others indicate that the Chinese are not buying up crypto. An article by Nikkei Asian Review highlights that China's central bank may be pushing the demand for Bitcoin after all. "
Technical view:
Nothing changed since my yesterday's forecast.From the weekly time-frame prospective, BTC is trading inside of the trading range between the price of $12,275(high) and $9,000 (low).The high from June at $14,000 is holding well for 9 weeks and it is a warning for the further upside. I see potential for more downside.
Yellow rectangle – Major resistance ($14,00)
Purple horizontal line – Support 1 ($9,095)
Green rectangle – Support 2 ($6,755)
Blue lines – Pitchfork channels
Weekly pivot points:
S3 S2 S1 P R1 R2 R3
6214.61 | 8302.99 | 9210.35 | 10391.37 | 11298.73 | 12479.75 | 14568.13 |
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.