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Technical analysis of Bitcoin for 05.06.2019
Crypto Industry News:
The director of Blockchain and DLT at the World Economic Forum (WEF), Sheila Warren, claims that Blockchain can be a solution to the deteriorating crisis of confidence around the world. Warren claimed that public confidence in governments, banks, media, and institutions in the United States “erodes quickly”. Then she noticed that he thought that Blockchain if used correctly, might be the solution to this problem:
“This technology could provide access to information that would enable third parties or other groups to actually enter and audit what is happening. And I really think that he can build faith in institutions again”- she said.
Warren then explained that she thought it would be labor-intensive to implement such auditing systems, but the possibility of proving the integrity of public processes and the authenticity of different media would be of great benefit. She also said that if it was not resolved, the crisis of trust she had mentioned would have far-reaching consequences.
Warren also admitted that she had some Bitcoins, “almost as a joke,” but she had not connected Bitcoin and Blockchain for a long time, and only later did she learn about the technology.
Technical Market Overview:
The BTC/USD pair has hit the target level for the wave c correction at $7,484 and bounced a little so far. The nearest technical resistance is seen at the level of $7,978. Please notice, that this corrective cycle might evolve into an ABCDE Triangle pattern as well, so please keep an eye on the further developments. There is still one more wave to the upside needed to complete the whole impulsive cycle anyway.
Weekly Pivot Points:
WR3 – $10,284
WR2 – $9,622
WR1 – $9,121
Weekly Pivot – $8.545
WS1 – $8,037
WS2 – $7,438
WS3 – $6,960
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still up. All the local bounces and correction should be treated as another opportunity to open the buy orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal.
The material has been provided by InstaForex Company – www.instaforex.com
