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Technical analysis of BTC/USD for 12/07/2019
Crypto Industry News:
The European Central Bank (ECB) reiterated its stance on Bitcoin, refusing to recognize it as the currency in the question and answer session.
Answering a private query as part of a regular Twitter interactive program managed by the hashtag “#AskECB”, the bank said that it is not planning to add Bitcoin to its reserves: “Bitcoin is not a currency, it is rather an asset and it is very volatile ” – officials wrote quoting chief economist Philip Lane.
This answer is a continuation of the ECB’s attitude to the cryptocurrency, which the bank has already propagated in other public statements.
In May this year, the report named “Crypto-Assets: Implications for financial stability, monetary policy and payments and market infrastructure” stated that the whole phenomenon had little impact on the traditional economy.
Previously, the European Union’s reserve bank also expressed its negative opinion about issuing its own digital currency, unlike movements from China and several other countries.
Technical Market Overview:
The BTCU/USD pair did not manage to break through the technical resistance at the level of $11,664 and reversed to the downside again. The local low was made at the level of $10,925 with no sign of bounce yet. The next technical support is seen at the level of $10,721 and this is the key short-term support for the bulls because any violation below this level will open the road towards the swing lows located around the level of $10,000.
Weekly Pivot Points:
WR3 – $14,886
WR2 – $13,428
WR1 – $12,616
Weekly Pivot – $11,119
WS1 – $10,237
WS2 – $8,716
WS3 – $7,123
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 ABC 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
