The Bitcoin (BTC) has been trading sideways at the price of $9,217. The cryptocurrency mining industry is spread all over the world and includes everyone from small miners with a few GPUs at home to vast data centers with both ASICs and racks of endless GPUs. As such, one of the best ways to get an overall view of the market is via the chip suppliers. And the latest report by AMD shows the demand for mining capacity remained strong in early 2018, despite a slump from the price highs of 2017. Technical picture looks neutral to bullish.
Trading recommendations:
According to the H4 time frame, I found rejection of support at the price of $8,724, which is a sign that selling looks risky. I also found reading above 30 level on the ADX indicator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $9,700.
Support/Resistance
$9,286 – Intraday resistance
$8,600– Intraday support
$9,700– Objective target
With InstaForex you can earn on cryptocurrency movements right now. Just open a deal in your MetaTrader 4.
The material has been provided by InstaForex Company – www.instaforex.com
The Bitcoin (BTC) has been trading sideways at the price of $9,217. The cryptocurrency mining industry is spread all over the world and includes everyone from small miners with a few GPUs at home to vast data centers with both ASICs and racks of endless GPUs. As such, one of the best ways to get an overall view of the market is via the chip suppliers. And the latest report by AMD shows the demand for mining capacity remained strong in early 2018, despite a slump from the price highs of 2017. Technical picture looks neutral to bullish.
Trading recommendations:
According to the H4 time frame, I found rejection of support at the price of $8,724, which is a sign that selling looks risky. I also found reading above 30 level on the ADX indicator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $9,700.
Support/Resistance
$9,286 – Intraday resistance
$8,600– Intraday support
$9,700– Objective target
With InstaForex you can earn on cryptocurrency movements right now. Just open a deal in your MetaTrader 4.
The material has been provided by InstaForex Company – www.instaforex.com
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