Technical analysis of BTC/USD for Aug 20, 2019

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Crypto Industry News:

The leading cryptocurrency exchange Binance launches an open Blockchain project called “Venus” focused on the development of local stablecoins around the world.

In an announcement published on August 19, the stock exchange claims it is well prepared to launch such a monetary ecosystem in the light of its existing technology, Binance Chain, a wide user base and already established global compliance measures.

Stock market managers say they are seeking partnerships with governments, corporations, technology companies and other crypto and Blockchain projects to develop a new monetary ecosystem that will strengthen both developed and developing countries. According to the announcement, the goal of the project is to build a new open alliance and a sustainable community that will acquire partners who have an impact on a global scale.

Binance Chain has already launched several native asset-related stablecoins, including Bitcoin-related BTCB and BGBP-related Stablecoin. Binance says it will use its existing infrastructure and experience in various regulatory systems to standardize the compliance check system and build a multi-dimensional collaboration network for the Venus project.

The ambitious new Binance venture seems to compete directly with the plans of Facebook’s social media giant, planning to launch a stablecoin linked to fiduciary currencies called Libra, which would power the global cryptographic payment network embedded in three wholly-owned applications: WhatsApp, Messenger, and Instagram.

Technical Market Overview:

The BTC/USD pair has retraced 50% of the last wave down. The price tested the level of $10,840 and currently is still trading with high momentum. The bulls must move the prices higher towards the level of $11,027 in order to control the market. Any violation of this level will be a good signal of a possible further move higher towards the level of 61% retracement at $11,177 and then to technical resistance located at $11,855. The larger timeframe trend remains up.

Weekly Pivot Points:

WR3 – $13,461

WR2 – $12,432

WR1 – $11,161

Weekly Pivot – $10,133

WS1 – $9,200

WS2 – $8,268

WS3 – $7,027

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 of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of BTC/USD for 20/08/2019:

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