Trade Recommendation For Bitcoin (26-7-2018)

Notable related releases

  • USD Advance Goods Trade Balance (JUN) (12:30 GMT)
    Previous -$64.8B Forecast -$66.6B

Technical outlook:

  • Current trend on H1: Uptrend
  • Expected movement: Bullish
  • Trade recommendation: Look for buy opportunities, preferably around 8150 - 8180.

BTC/USD yesterday witnessed a new 2-month peak formed at 8456.33. The pair then retraced and approached the 8016.28 – 8054.83 support zone (38.2% Fibonacci Retracement, 50-day SMA), followed by a rally back above the EMA 20 – SMA 50 area and a tight consolidation.

Looking at the RSI, we see that it turned above the 50 level and is likely to remain. Weak bearish momentum has been presented by a series of small candles, indicating a potential bullish move in the near future. We therefore suggest traders should look for buy opportunities, preferably around 8150 - 8180. A hold above that level will likely have the new 2-month peak of 8456.33 tested back. Alternatively, a strong penetration below 8016.28 (38.2% Fib) may lead to a further fall towards 7884.55 (50% Fib).

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