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30.04.201911:05 Forex Analysis & Reviews: Bitcoin. Consolidation continues

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

While the Bitcoin rate is consistently above the level of 5 000 USD, the globalization of the crypto industry continues to gain momentum. Most recently, a meeting was held at which 24 financial institutions and 11 international organizations, including the International Monetary Fund and the World Bank, discussed international standards for the regulation of cryptocurrencies. Meetings and discussions at this level are good evidence that the industry continues to gain momentum and is being taken more seriously. In turn, this is a good signal for investors in the medium term.

Signal to buy Bitcoin (BTC):

In the short term, while trading is conducted above the range of 5370, buyers will remain optimistic and try to gain a foothold above the resistance of 5500, which will lead to another upward wave with the update of the maximum of 5660, where I recommend fixing the profits. With a decrease in Bitcoin, you can take a closer look at purchases from the support of 5360 and 200.

Signal to sell Bitcoin (BTC):

Another unsuccessful consolidation above the resistance of 5500 will be a signal to sell, however, the main goal of the sellers will be to return to the support of 5360, which can push the cryptocurrency to the minimum area of 5200 and 5050, where I recommend fixing the profits.

Exchange Rates 30.04.2019 analysis

Miroslaw Bawulski
Analytical expert of InstaForex
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