Technical analysis of Bitcoin for 16/05/2019

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Crypto Industry News:

The US Securities and Exchange Commission (SEC) has delayed its decision regarding the EFT Bitwise Asset Management fund provider. The information was provided in a document published by the SEC.

In a recent application, the SEC revealed that it had delayed the decision to approve or reject the Bitwise ETF and also demanded public comment from interested parties. In this context, the Commission invites interested parties to provide written comments on their views, data, and arguments regarding the issues identified above, as well as any other concerns they may have about the proposal.

Bitwise initially submitted an application for ETF in February, provided that the SEC will make its decision within 45 days. The ETF bitcoin fund proposed by the company is reportedly different from the other ones previously proposed because it collects prices from various crypto exchanges in order to better represent the market.

In its original application, Bitwise explicitly states that its ETF would require supervised external trustees to store physical Bitcoin.

Technical Market Overview:

The BTC/USD pair has made another marginal swing high at the level of $8,309 and it was labeled as the top of the wave 5 of the lower degree and the possible top for the wave 1 of the larger degree as well. It means the maker might start the corrective cycle any time soon and the first clue is the visible bearish divergence between the momentum and the price at the H4 time frame chart. The next target is seen at the technical support at the level of $7,617.

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. The target is seen at the level of $7,617, but any violation of the technical support at the level of $7,412 will accelerate the sell-off towards the next technical support at the level of $6,821. The larger time frame trend remains bullish, so in the longer term, it is better to have a buy position on Bitcoin and open the sell positions only in the lower time-frames like H1 or H4.

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

Source:: Technical analysis of Bitcoin for 16/05/2019:

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