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).


Terms of use: The analysis is only for consulting purpose. All the information has been researched, analyzed and appraised with the best consideration; however, due to subjective and objective causes from the announcing resources, we can not guarantee the absolute authenticity of the information mentioned in this report. We do not take responsibility for any unexpected results if investors use the information to trade.