Bitcoin – 4H.
As seen on the 4-hour chart, Bitcoin performed growth to the corrective level of 76.4% ($10478), despite the formation of bearish divergence in the CCI indicator. Despite the fact that many economists continue to be skeptical about bitcoin, it should be noted that the demand for it remains consistently high. Many investors, analysts, and experts express their opinion on the prospects of BTC. Many agree that bitcoin will continue to rise in price. But based on what? Based on the same reason why there was the first major increase to $20,000. Based on the demand for the asset. But why is it formed, given that bitcoin is not confirmed by anything? The answer is also simple: the influx of investors who want to get rich quickly begins again. The more bitcoin becomes more expensive, the more people want to buy it, which causes a new increase in the value of bitcoin. And the forecasts of the world-famous cryptocurrencies and economic circles of individuals that bitcoin will grow to $20000 or to $55000, only warm up the interest of small investors. And now, the head of the cryptocurrency bank of Galaxy Digital Mike Novogratz believes that "cue" will never return to the level of $5000. Financial expert Peter Schiff regrets that he did not buy BTC when it cost $10. And co-founder of the Fundstrat Global Advisors Tom Lee believes that the Fed's rate cut will help bitcoin reach the value of $20,000 in 2019. In addition, if the Fed continues to reduce the key rate, it will have a negative impact on the dollar and increase the demand for alternative investment instruments.
The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin performed growth to the correction level of 76.4% ($10478). Thus, I recommend selling the cryptocurrency with the target of $9679, with the stop-loss order above the level of 76.4%, if the rebound from the level of $ 10478 is executed. I recommend buying Bitcoin with a target of $10991, and with a stop-loss order under the level of $10478, if the closing above the correction level of 76.4% is performed.
