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Bitcoin – 4H.
As seen on the 4-hour chart, Bitcoin remains under the correction level of 38.2% ($9558) and left the limits of the "narrowing triangle" through its lower border. This moment allows traders to count on the continuation of the fall in the direction of the correction level of 127.2% ($8744). Given the nature of the latest news from the US that the government wants to tax all cryptocurrency owners and requires them to provide income reports, Bitcoin could indeed continue to fall. In recent years, the "bubble" is often inflated due to the actions of large investors on cryptocurrency exchanges, the growth of the "cue ball" is often artificial, unconfirmed by fundamental data or any changes in this area. But after periods of unjustified growth, Bitcoin quotes begin to fall, and often these drops are completely logical. In general, the behavior of Bitcoin is very much like certain segments of oil. Also, do not forget that Bitcoin is valued in dollars, and this currency shows a long and steady growth, and after summing up the results of the Fed meeting tomorrow, July 31, the dollar may strengthen even more, which will lead to the fall of the "cue ball". However, much will depend on the Fed, Jerome Powell and his psychological resilience to attacks and criticism of Donald Trump.
The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin has complied with the rebound from the retracement level of 38.2% ($9558). Thus, I recommend selling the cryptocurrency with the target of $8744, with the stop-loss order above the level of 38.2%. I recommend buying Bitcoin with a target of $10478, and with a stop-loss order under the level of $9558, if the closing above the correction level of 38.2% is performed.
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