23.07.201914:09 Forex Analysis & Reviews: Forecast for Bitcoin on July 23rd. Bitcoin continues to fall after statements by Steven Mnuchin

Bitcoin – 4H.

As seen on the 4-hour chart, bitcoin performed a turn down after rebounding from the correction level of 61.8% ($10991) and continues the process of falling in the direction of the Fibo level of 100.0% ($9679). It is logical to assume that the fall continues after the speech of the US Treasury Secretary Steven Mnuchin that bitcoin is used for criminal purposes - for money laundering, for the financing of terrorism, as well as for other illegal operations. Also, information has repeatedly surfaced that America can begin serious control over the cryptocurrency segment, up to the complete ban of bitcoin and other cryptocurrencies (Donald Trump's initiative). Trump is not a fan of cryptocurrencies, does not consider them money and focuses on their insecurity with nothing. As we all know, jokes with Donald Trump are definitely bad. It has been repeatedly checked on themselves by entire states that refused to play according to Trump's rules and immediately fell under sanctions, trade duties were introduced against them. Thus, the cryptocurrency market is still in the shadows and does not create global problems, causing only censure and angry statements from the top officials not only of the US but also of other States. This is what restrains the growth of "cue ball" to numbers like $20,000. The rebound of quotations from the correction level of 100.0% will allow traders to count on a turn-up and some growth in the direction of the correction level of 76.4% ($10478). Closing the rate under the Fibo level of 38.2% ($9558) on the red grid of Fibo will increase the likelihood of a further fall.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin performed consolidation under the correction level of 76.4% ($10470). Thus, I recommend selling the cryptocurrency with the target of $9679, with the stop-loss order above the level of 76.4%. I recommend buying Bitcoin with a target of $10478, and with a stop-loss order under the level of $ 9679 if it will be rebounded from a correction level of 100.0%.