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Bitcoin – 4H.
Trading on cryptocurrency exchanges is carried out seven days a week, and at the moment, the quotes of the "cue ball" have closed above the correction level of 61.8% ($10,251). The fall of BTC ended this time around the Fibo level of 38.2% ($9,558) on the red Fibo grid. Thus, bitcoin has yet to avoid further fall and is held above $10,000 per coin. "Index of fear and greed" on August 19. This is not the lowest value, but it is still low. It reflects the mood of crypto traders, who are now more inclined to sell "cue ball", as they are more afraid of a further drop in the price of cryptocurrency than they expect to earn.
At the same time, many investment funds began to pay a premium to miners in the amount of 20% for the so-called "purity" of bitcoin. The "purity" of bitcoin means the number of transactions for each specific coin. The newly received bitcoin has no transactions yet, which means that it did not participate in any illegal operations. This attitude of the major funds for "purity" due to fears that US authorities will achieve in the long term deanonymization of bitcoin. The Bitcoin network stores information about absolutely all transactions of each coin. Thus, if the government authorities can find a way to decrypt and such an initiative is approved by law, the main trump card of the "cue ball" will sink into oblivion. Large funds understand this and want to be safe right now, since "dirty" BTC can be confiscated, no matter how wild it sounds now, or they will have less demand and price.
The second important trump card that Bitcoin has already lost is its innovativeness. At the time of take-off, up to $ 20,000, bitcoin was discussed by everyone, any citizen of any country wanted to buy it because the technology was new and promised huge profits in a relatively short time. Now, the excitement around the crypto segment is falling, which leads to a decrease in the number of transactions.
The Fibo grid is built on the extremes of July 17, 2019, and August 6, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin closed above the Fibo level of 61.8% ($10,251). Thus, I recommend buying cryptocurrency with the target of $10642, with the stop-loss order below the level of 61.8%.
I recommend selling bitcoin with the target of $9,782, and with the stop-loss order above the level of $10,251, if the consolidation is performed under the correction level of 61.8%.
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