Previous Story
Technical analysis of BTC/USD for 29/07/2019
Crypto Industry News:
On Thursday, July 25, on the panel at which Russian officials, lawyers and economists appeared, the regulation of the cryptocurrency market was discussed. The event took place in the “Gazeta Parlamentarna” conference center, an editorial board managed by the Federal Assembly, the Russian Parliament.
The experts concluded that the integration of cryptocurrencies with the Russian financial system is a matter of a distant future. They added that issuing money other than the ruble is considered illegal by the Constitution.
Second, financial supervisors are confused about the origin of Bitcoin and other digital currencies. There are also fears that many criminals may use cryptocurrencies for illegal purposes.
The round table was moderated by Senator Ludmila Bokowa, who is the first deputy chairman of the Council of the Federation Committee on Constitutional Legislation and State Construction. She stated:
“I consider it advisable not to force the [crypts market] process, but to analyze the experiences of larger [global] economies. Let’s see how regulations are implemented there and what benefits or damages the country can get after introducing such regulations. ”
The guests of the meeting were, among others Dmitry Zacharov, a member of the Legal Affairs Committee for the Digital Economy of the Russian Lawyers Association, Mikhail Bykowski, member of the Fintech thematic working group as part of the Digital Economy Competence Center and Arseny Poyarkov, vice president of the National Association for Digital Economy.
Technical Market Overview:
The BTC/USD pair has tested the technical support located at the level of $9,070 and bounced strongly off it towards the level of $9.521. There is interesting H4 candlestick that was left as a result of this price action which indicated a potential move higher, but so far the price is still under the trendline. Only a sustained breakout above the trendline might be the clue from the market that the wave C is completed and now it is a time for another impulsive rally. The next technical resistance is seen at the level of $10,166.
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 – www.instaforex.com
