Previous Story
Technical Analysis of BTC/USD for Apr 15, 2020
Crypto Industry News:
Last month, the volume for the wallet Samourai Wallet, which does not require a deposit, tripled, and the Whirlpool service processed Bitcoins worth a total of over $ 10 billion in cryptocurrency. According to data posted on Twitter, activity in March amounted to 40% of total production, since its launch in May 2019.
While at the end of last year we observed a decrease in user activity in the service, so from January 2020 we are observing new records of processed Bitcoins on the platform. Please note that the service uses CoinJoin to reshuffle UTXO.
User funds are grouped in 0.01, 0.05 and 0.5 Bitcoin pools, and after mixing, into 0.05 and 0.5 Bitcoin pools.
The increase in Whirlpool volume is the result of tightening regulations by governments seeking to comply with the recommendations of the FATF Team, as well as stricter anti-money laundering requirements on regulated centralized exchanges.
In December 2019, Binance Singapore reportedly froze one user’s funds while investigating a transaction that was mixed up using Wasabi’s CoinJoin service.
Technical Market Outlook:
The BTC/USD pair has been trading inside a narrow range between the levels of $6,796 – $6,908 for some time now as the liquidity evaporates form markets. The supply zone located between the levels of $6,796 – $6,908 is now the key short-term zone for both bulls and bears, so only a clear breakout of one of the levels will give the market participants the direction. The larger time frame trend remains down, but the short-term momentum is slowly increasing, so the odds for an upwards breakout might be high.
Weekly Pivot Points:
WR3 – $8,127
WR2 – $7,746
WR1 – $7,416
Weekly Pivot – $7,017
WS1 – $6,690
WS2 – $6,300
WS3 – $5,960
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
The material has been provided by InstaForex Company – www.instaforex.com
