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Technical analysis of BTC/USD for 06/08/2019
Crypto Industry News:
Bitcoin.com announced that it will launch a cryptographic exchange named Exchange.Bitcoin.com. This is the latest addition to the product package that Bitcoin.com offers outside of their information service. The company has also developed a cryptocurrency casino, portfolio and P2P exchange for Bitcoin Cash, aimed at increasing the usability of the bifurcated Bitcoin alternative: “While our company believes that the Bitcoin Cash network will be accepted by the masses around the world, we also believe that it is important to promote the free market and choice” – the company said in a statement.
The stock exchange, which will be scheduled to open at the beginning of September, will note many of the largest coins, including Bitcoin, Ethereum and Litecoin. In addition, it plans to offer about 50 trading pairs, as well as Simple Ledger Protocol tokens (SLP) associated with Blockchain BCH.
The cryptocurrency marekts are on the verge of something very exciting thanks to SLP tokens – this is the beginning of a world in which we can tokenize everything, and when people realize the potential, they will begin to demand a place to exchange their tokens.
Technical Market Overview:
The BTC/USD pair has broken through the 61% Fibonacci retracement at the level of $11,548 and made a new local high at the level of $11,855. Currently, the price is consolidating the recent gains in a narrow zone located between the levels of $11,896 – $11,440. The positive and strong momentum supports the short-term bullish outlook and if the level of $11,548 is violated, then the next target is seen at the level of $11,855.
Weekly Pivot Points:
WR3 – $13,750
WR2 – $12,333
WR1 – $11,817
Weekly Pivot – $10,382
WS1 – $9,882
WS2 – $8,441
WS3 – $7,9485
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 – www.instaforex.com
