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Technical analysis of BTC/USD for 05/07/2019
Crypto Industry News:
The Canadian stock exchange Coinsquare has acquired software that allows traditional ATMs to sell a cryptocurrency, such as Bitcoin, according to a press release.
Coinsquare announced a controlling investment at Just Cash, an American fintech company that developed software that allows users to buy cryptography directly in traditional ATMs, without the need for additional hardware or a mobile application.
After investing the undisclosed amount, Just Cash will join Coinsquare and operate under the Coinsquare brand. Cole Diamond, CEO of Coinsquare, says the new initiative reflects the company’s mission of adopting cryptocurrencies for general use. According to Diamond, enabling cryptographic purchases via ATMs will make the cryptocurrency finally reach the masses.
Although the press release does not specify how many Coinsquare ATMs it intends to improve, the startup can now offer cryptographic functions for millions of existing ATMs around the world.
Technical Overview:
After making the new local high at the level of $12,004, the BTC/USD pair has entered a local corrective cycle and hit the 38% Fibonacci retracement of the last wave up at the level of $11,111. Nevertheless, the market is rallying higher towards the top of the old wave B of the lesser degree and if this level is clearly violated the chances that the correction is terminated are very high. Please notice this is still the uptrend and the current correction is the local correction in the uptrend.
Weekly Pivot Points:
WR3 – $16,315
WR2 – $14,938
WR1 – $12,895
Weekly Pivot – $11,624
WS1 – $9,683
WS2 – $8,320
WS1 – $6,345
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 larget correction is just around the corner, as all the major impulsive waves have been completed.
The material has been provided by InstaForex Company – www.instaforex.com
