Bitcoin price analysis
Bitcoin price analysis today would cover start from yesterday’s big move. Bitcoin price opened nearly 11% down from 7700$ to 6600$. It crashed vertically after news surfaced of another cryptocurrency exchange hacked. One of the popular exchange of South Korea which deals in cryptocurrency named Coinrail confirmed that hackers have stolen nearly 1/3 of their bitcoin.
South Korea is one of the biggest market of cryptocurrency after Japan. This is a set back to all those who are in support of cryptocurrencies. A US recent study reveals nearly 40% transactions in btc are by criminal for illegal purposes.
Technical chart of btc suggests a good support at 6600$, If traders break and sustain below this support. Then expect more pressure in bitcoin price upto 6400$- 6200$ today.
A good resistance on BTC chart stands at 7050$, If traders break and sustain above this then expect good recovery in BTC upto 7300$- 7500$ soon.
Bitcoin price analysis conclusion: BTC trend is flat to positive for now.
Crude oil analysis
US Crude oil price trading at 66.40$. As mentioned in our weekly analysis its in positive zone and we would buy in dips. A good support on crude oil technical chart stands at 65.30$, If traders break and sustain below this today. Then expect some pressure upto 64.70$- 64$.
A good resistance on crude oil chart stands at 67.50$, If traders break and sustain above our resistance. Then expect good recovery in crude oil price upto 68.80$- 69.90$ today.
Crude oil analysis conclusion: As suggested in our weekly report, Crude oil trend is positive. Avoid any major sell trade.
USD Index analysis
USD Index ( DXY ) trading at 93.20, Dollar rising since yesterday in anticipation of good deal between Trump and Kim. A good support on USD Index chart stands at 92.80, If traders break and sustain below this level. Then expect more pressure in dollar upto 92.50- 92.20 today.
A good resistance on USD Index chart stands at 93.55, If traders break and sustain above our resistance. Then expect good rise in dollar upto 93.90- 94.30 today.
USD Index analysis conclusion: Dollar is in over bought zone. Try to avoid any major buy for now. Similar levels we posted in our last week’s forecast
More will update to our trading signals subscribers.