Technical analysis of Bitcoin for 25/04/2019

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Crypto Industry News:

Chainalysis, based in New York, has extended its real-time transaction monitoring tools to cover a total of 10 cryptocurrencies.

Chainalysis is one of the most well-known players in the Blockchain industry, providing technology – such as the KYT (Know Your Transaction) tool – that allows companies, governments and law enforcement authorities to track the flow of cryptocurrencies on Blockchain and track down suspicious illegal transactions.

The company reportedly issued a statement in which it emphasized that its extended monitoring tools are ahead of the expected global encryption guidelines that will require companies such as cryptographic exchanges and financial institutions to automate the monitoring of Blockchain transactions for supported cryptocurrencies.

As of today, four more cryptocurrencies – including three stablecoins, Gemini Dollar, Tether and USD Coin, as well as Binance Coin, belonging to the Binance cryptocurrency exchange – can be observed by KYT users in real time. Over the past year, the company has developed its monitoring capabilities beyond the initial Bitcoin and has released KYT support for Ethereum, Bitcoin Cash, Litecoina, TrueUSD and Paxos Standard.

Technical Market Overview:

The BTC/USD pair has reversed down after hitting the level of $5,666 and violated the technical support at the level of $5,500 as well. The new local low was made at the level of $5,391, just above the next technical support at the level of $5,369. This move down might be just a part of a corrective cycle in the local wave 4, but any violation of the level of $5,369 will invalidate the bullish impulsive scenario for wave 5.

Weekly Pivot Points:

WR3 – 5,847

WR2 – 5,603

WR1 – 5,428

Weekly Pivot – 5,161

WS1 – 4,996

WS2 – 4,735

WS3 – 4,564

Trading recommendations:

Daytraders should keep the open buy orders until the target at the level of 6,000 is hit. There will be a possibility to partially take out the part of the profits at the level of 5,728 as this is strong technical resistance.

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

Source:: Technical analysis of Bitcoin for 25/04/2019

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