empty
 
 
18.05.2021 05:44 AM
Trading Signal for Bitcoin BTC/USD, for May 18 - 19, 2021: Buy above $43,750

This image is no longer relevant

In this last week, the price of Bitcoin fell 29% to reach a 3-month low at $ 42,250. Last week $ 5.5 billion in long contracts were settled, which is certainly a record in absolute terms.

Bitcoin found strong support at the 2/8 murray zone, around 43,750 and reaching the low of 42250, the psychological level of 40,000 is now on the minds of investors to sustain the uptrend of BTC.

The CEO of Tesla caused a stir on Twitter, when his opinion on Bitcoin came to light, and within hours BTC / USD began to sell immediately after the news.

Given that Musk seems to be in a war with the cryptocurrency community, Bitcoin is surprisingly volatile to panic and euphoria, it is undoubtedly the main engine of the market, as it is not affected by news such as the Fed, unemployment ... compared to currencies popular, all eyes of traders and investors remain on the Twitter battlefield.

On the 4-hour chart, you can see the last few candles that have left wicks around the 42,250 area, bouncing above this level, which means there could be a period of consolidation.

Also, if the BTC consolidates and trades above 43,750, we could buy with targets at the SMA of 21, (46,798) above this level the downward pressure could disappear and a new momentum to the 54,717 zone (200 EMA) can occur.

Our recommendation is to buy above 43,750 with targets at 46,798, 50,000 and 54,717.

Support and Resistance Levels for May 18 - 19, 2021

Resistance (3) 49,213

Resistance (2) 47,581

Resistance (1) 46,927

----------------------------

Support (1) 42,280

Support (2) 39,857

Support (3) 38,897

***********************************************************

Trading tip for BITCOIN for May 18 - 19, 2021

Buy above 43,750 (2/8 of murray), with take profit at 46,798 (SMA 21) and 54,717, stop loss below 41,000.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback