Forex Analysis & Reviews: 06.08.2019 - Forecast for Bitcoin and US...

06.08.2019 08:26 AM

Forecast for Bitcoin and US dollar on August 6th. The collapse of the stock markets of China and America increased the demand for bitcoin

Bitcoin – 4H.

As seen on the 4-hour chart, Bitcoin has completed the consolidation above the correction level of 61.8% ($11544). Thus, the main crypto-asset intends to continue its growth towards the level of $12137. The rise in the price of bitcoin was facilitated by the escalation of the trade conflict between Washington and Beijing, during which China refused to purchase agricultural products in America, and America introduced new duties on imports from China. All this has dealt blows to Chinese and American companies, as sales volumes will decrease, and profits will decrease. This led to a fall in the stock markets of China and the United States, and at the same time, increased the demand for protective assets such as the franc, the yen, gold, and bitcoin. At the same time, bitcoin set a new record: now its share of domination over other cryptocurrencies is almost 68%. This means both a new influx of investors who are only interested in BTC and the transition of old investors from altcoins to bitcoins. One way or another, but the demand for "cue" is growing again, which leads to an increase in its value. In the dry balance, we get the conclusion that Donald Trump with his policy of protectionism and the desire to start trade wars with everyone who works out – the best friend for Bitcoin. The greater the geopolitical tensions in the world, the higher the demand for cryptocurrency number 1. Despite the fact that it has not been confirmed and some countries have already banned its circulation in their territories.

The Fibo grid is based on the extremes of July 10, 2019, and July 17, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin has completed the consolidation above the Fibo level of 61,8%. Thus, I recommend buying cryptocurrency with the target of $12137, with the stop-loss order below the level of 61.8%. I recommend selling bitcoin with the target of $11057, and with the stop-loss order above the level of $11544, if the closure is performed under the correction level of 61.8%.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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