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Bitcoin – 4H.
As seen on the 4-hour chart, Bitcoin remained within the "tapering triangle" formation and performed a return to the correction level of 38.2% ($9558). At the same time, the cryptocurrency "rested" on the lower border of the "narrowing triangle". Closing of the "cue" quotes under the Fibo level of 38.2% will significantly increase the probability of a further fall in the direction of the next correction level of 127.2% ($8744). Meanwhile, the German authorities decided to seriously take up bitcoin and other cryptocurrencies. The biggest concerns are related to illegal transactions conducted through bitcoin and the financing of terrorism. Thus, under the new legislation, all companies using cryptocurrencies or blockchain will be required to obtain BaFin licenses. At the same time, the head of the Pantera Capital, Dan Morehead, said that he expects the growth of the value of bitcoin in the next six months 4 times. Morehead focuses on the fact that his company predicted the growth of Bitcoin to $ 5000 per coin when its value did not exceed only a few hundred dollars. Further, according to Morehead, bitcoin will grow exponentially and reach the value of $122000 in 2021 and $356000 - in 2022. It is difficult to say how true this prediction is. Large investors often like to give such forecasts, since they themselves are the large owners of the cryptocurrency and are interested in its growth. Thus, any such forecasts are often aimed at increasing the interest of ordinary traders in a particular cryptocurrency. What is the basis of such a calculation of the company Morehead is unknown.
The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin made a return to the correction level of 38.2% ($9558). Thus, I recommend buying a cryptocurrency with a target of $10478, with the stop-loss order below the level of 38.2%, if there is a new rebound from the level of 38.2%. I recommend selling bitcoin with the target of $8744, and with the stop-loss order above the level of $9558, if the closure is performed under the correction level of 38.2%.
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