Crypto Industry News:
Bitcoin gained the legal recognition of the second Chinese court, which in turn strengthened the cryptocurrency in one of the most difficult environments.
The Hangzhou online court formally recognized Bitcoin as virtual property. The second such case, when the court attributed to Bitcoin the status of ownership, was a ruling being part of a dispute between the now-defunct stock exchange and one of its users who lost funds.
The case is a major breakthrough for Bitcoin in China, where a general ban on trade has been in force since September 2017. The pair BTC / USD grew sharply on Friday thanks to positive comments from US lawmakers, but China probably also influenced recovery.
China has long been interested in Bitcoin, despite the state-imposed moratorium on its use. As Bitcoin returned to its feet in 2019, evidence began to emerge that consumers found alternative means of access to traditional exchanges, such as the purchase of Tether via off-exchange transactions.
Technical Market Overview:
The BTC/USD pair has made a new top at the level of $11,059 and then reversed slightly. The top has been labeled as the top of the wave B and this is the last chance for the bears to regain control of the market because any other bullish rally above the wave B top will invalidate the current Elliott wave scenario. There is a short-term trendline that will act as dynamic support around the level of $9,913, so it is worth to keep an eye on this level as well.
Weekly Pivot Points:
WR3 – $13,488
WR2 – $12,221
WR1 – $11,392
Weekly Pivot – $10,218
WS1 – $9,394
WS2 – $8,128
WS3 – $7,356
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