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Bitcoin – 4H.
As I already said, the value of Bitcoin in most cases is determined by the number of one-day investors in the crypto market. If there is a wave of bitcoin purchases, the influx of new investors who want to get a "quick profit" supports demand and value growth. There are no other cue ball growth factors now. Even the aggravation of the trade conflict between China and America is not a sufficient reason for a sharp rise of BTC, although many investors are trying to go into safe assets. However, bitcoin is quite difficult to attribute to them, and in most cases, investors still prefer gold, franc or yen. At the moment, bitcoin is getting cheaper again, but the bears failed to close under the Fibo level of 76.4% ($9782).
An important issue that is now on the agenda is the so-called "halving", which will be the system in 2020. "Halving" is a reduction in the remuneration of miners for the mined block. It is logical to assume that the cost of the number one cryptocurrency will grow, however, from my point of view, not 2-5 times. The rise in price will be possible, but not as strong as many world experts in the cryptocurrency segment predict. Called numbers from $50,000 to $60,000.
The information background as such is currently missing. There are reports from China about the death of a large mining farm due to flooding. There are discussions of crypto traders regarding the possible ban of cryptocurrencies by the US authorities, of course, not in the short term. But all this has little effect on the movement of bitcoin.
The retreat of the "cue" quotes from the correction level of 76.4% will allow us to count on some growth in the direction of the Fibo levels of 61.8% ($10251) and 50.0% ($10642). Closing the BTC rate under the level of 76.4% will increase the chances of a further fall in the direction of the next correction level of 100.0% ($9022).
The Fibo grid is built on the extremes of July 17, 2019, and August 6, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin fell to the Fibo level of 76.4% ($9782). Thus, I recommend selling the cryptocurrency with the target of $9022, with the stop-loss order above the level of 38.2%, if there is a close below the level of $9558.
I recommend buying bitcoin with a target of $10251, and with a stop-loss level of $9782, if a rebound from the correction level of 76.4% is performed.
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