Alpari - Analytics


787.25 6.25/10
72% of positive reviews

BTCUSD: buy on expectations, sell on facts

On Monday the 31st of July, trading on the bitcoin closed up. On the Bitfinex exchange, the BTCUSD pair restored from 2,694 USD to 2,883 USD. Overnight, the user-activated soft fork BIP 148 was activated on block 478,484. Now, another lock-in is expected on the 8th of August.

Technical picture: After the activation of BIP 148, the tactic of buying on expectations and selling on facts worked out. The BTCUSD rate fell by 235 USD (-8.13%) to 2,666.15 USD after an unsuccessful attempt at breaking the 2,900 USD resistance.

After a sharp rise or drop, the price quickly rebounds. At the time of writing this review, the bitcoin has already restored to 2,782 USD ( 4.5%). I’m predicting the bitcoin to continue rising to the resistance at 2,820 USD, which was a support level on Monday. If the price rises to 2,816 without any rebounds, get ready for a rise in quotes up to 2,896 USD.

BTCUSD rate, 4-hour chart on Bitfinex exchange. Source: TradingView

To leave a comment you must or Join us

  • avatar-8010
    • #

    Bitcoin will be more volatile in the near future due to latest news about split

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree