Technical analysis of Bitcoin for 13/05/2019:

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Crypto Industry News:

The Banking, Housing and Urban Affairs Committee of the United States is looking for information on the cryptocurrency project reported by Facebook. The Committee addressed its concerns to the founder and president of Facebook, Mark Zuckerberg.

The Committee highlights certain aspects of consumer protection by asking Zuckerberg how the company plans to protect consumers’ financial information and whether Facebook shares or sells consumer information to unrelated third parties.

Last year, the social media giant became entangled in controversy and became the subject of several scandals regarding the privacy of users’ data. In April 2018, Zuckerberg testified before the Congress on the company’s practices. Canadian legislators called on Zuckerberg to testify after Facebook was found to have violated state privacy laws.

Further questions from the commission concerned the question whether Facebook has any information on the solvency of persons, their creditworthiness or information that could affect their ability to secure a loan.

Technical Market Overview:

The BTC/USD pair has made another higher high at the level of $7,412 after a rally from the level of $5,834. This recent top might be the end for the wave (1) of the higher degree as the wave 4 of the lower degree had terminated sooner than expected at the level of $5,834. Moreover, the market has made a Bearish Engulfing pattern at the top of the wave (1), so it is another clue that the uptrend needs a rest and the correction in wave (2) might have been started already.

Weekly Pivot Points:

WR3 – $9,616

WR2 – $8,405

WR1 – $7,809

Weekly Pivot – $6,737

WS1 – $6.172

WS2 – $5,060

WS3 – $4,504

Trading Recommendations:

The market is moving down after the rally, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. Any violation of the technical support at the level of $6,821 will accelerate the sell-off towards the next technical support at the level of $6,642.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of Bitcoin for 13/05/2019:

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