Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Darius Anucauskas

Positive Signs Coming Out from Bitcoin Performance

Unlike its other big counterparts, Bitcoin is showing the best performance so far this week. Ethereum is trying to keep up with Bitcoin and Ripple is on a very slow grind higher. From the technical side, BTC/USD is still above its steep short-term tentative upside support line taken from the low of March 27th. In addition to that, the crypto managed to form a new higher high, by breaking above the 5600 barrier. Such a move may attract more buyers, as it is now opening the door to a possible move further up. As long as the price stays above the 5600 area and above the previously-mentioned upside line, we will continue targeting higher levels.

A further move higher, away from the 5600 barrier, could drag Bitcoin to the 6050 hurdle, marked by the low of October 11th. Slightly above it, there is another potential resistance zone that could be tested as well and that is the 6190 mark, which is the low of October 29th and 31st. We may see the price stalling around there, or even making its way back a down for a small retracement. If the crypto struggles to get back below the 5600 hurdle, the buyers might take this as an opportunity to step in and drive Bitcoin in the upwards direction again. If this time the 6050 zone, or the 6190 obstacle fail to withstand the bull-pressure, a break above the last could open the horizon of higher resistance levels, one of which could be at the 6500 area, marked near the high of November 8th.

Alternatively, if the aforementioned steep upside line fails to withhold, a break below it could drag the price lower to test the 5280 support zone, marked by the intraday swing high of April 26th. But a further slide below that zone could lead the price to the 4940 support zone, which, from the beginning of April, held the price from closing below it. Even if Bitcoin rebounds but finds it difficult to get back above that steep upside line, the bears might step in again and push the crypto back down. This move could eventually help BTC/USD to bypass the 4940 obstacle and aim for the 4640 area, marked by the low of November 19th and the high of November 21st.

Bitcoin daily


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76 % of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure. (https://www.jfdbank.com/en/legal/risk-disclosure)

Copyright 2019 JFD Group Ltd.