FX.co ★ Forecast for Bitcoin on July 25th. Traders are increasingly using Bitcoin as a means of storing value

Bitcoin – 4H.

As seen on the 4-hour chart, Bitcoin completed the retreat from the correction level of 38.2% ($9558) and thus began the growth process in the direction of the correction level of 76.4% ($10478). However, we have formed a technical formation "tapering triangle", and the "cue ball" quotes are now just around its upper boundary. Of course, overcoming any border does not mean a 100% probability of further movement of the cryptocurrency in this direction. Nevertheless, such a signal will be considered strong. Closing the quotes below the Fibo level of 38.2% will significantly increase the probability of a further drop in Bitcoin in the direction of the next correction level of 127.2% (8744). Meanwhile, the vise around Bitcoin and other cryptocurrencies continues to shrink. Yesterday, there was information about a possible complete ban on cryptocurrencies in India. Today, the US Treasury Secretary Steven Mnuchin said that the cryptocurrency segment will be regulated by new rules that will be developed in the near future. New rules are needed in order to avoid a negative impact on the financial system. The fact that Bitcoin and other crypts affect badly on the influence on setnow system, Mnuchin stated previously. Also, according to a recent study, more and more Bitcoin owners are using them as a means of storage. Thus, the share of Bitcoins that have not been in circulation for more than 5 years, increased to 21.6%. Large investors are increasingly using the "cue" not as a means of payment.

The Fibo grid is based on the extremes of July 2, 2019, and July 10, 2019.

Forecast for Bitcoin and trading recommendations:

Bitcoin has complied with the rebound from the retracement level of 38.2% ($9558). Thus, I recommend buying a cryptocurrency with a target of $10478, with a stop-loss order below the level of 38.2%, but there is a hang up from the upper border of the triangle. I recommend selling Bitcoin with the target of $8744 and with the stop-loss order above the level of $ 9558, if the closure is performed under the correction level of 38.2%.