Technical analysis of BTC/USD for 02/08/2019


Crypto Industry News:

The total and target Bitcoin supply amounts to 21 million units. Today 85% of this number has been dug. In addition, in less than a year – in May 2020 – another division of the prize for block mining in the BTC network awaits. Up to now, such a period was conducive to growth and was the basis for subsequent bubbles. It is no different now.

The current supply of bitcoins means that only 17,850,000 people around the world can own one whole coin. In reality, however, this number is even smaller because there are people who, for example, have lost private keys to their portfolios.

Estimates of the Chainalysis blockchain research company from 2017 showed that the number of lost coins amounts to as much as 4 million units or more than 20% of the total supply.

Looking to the future, in May 2020 the aforementioned reduction of miners ‘payments will take place – the miners’ award will fall from 12.5 BTC to 6.25 BTC for a new block. This event, which, according to analysts’ predictions, will increase the price of bitcoin.

Technical Market Overview:

The BTC/USD pair has been continuing the move up and recently the bulls have broken above the technical resistance located at the level of $10,166. The new local high was made at the level of $10,432 on a solid upward momentum. The next target is seen at the level of $10,636 or even at the level of $11,068. The last target can be hit only if the bulls will maintain control over the market.

Weekly Pivot Points:

WR3 – $11,468

WR2 – $11,040

WR1 – $10,062

Weekly Pivot – $9,661

WS1 – $8,704

WS2 – $8,287

WS3 – $7,289

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.

The material has been provided by InstaForex Company –

Source:: Technical analysis of BTC/USD for 02/08/2019:

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