Technical analysis of BTC/USD for August 16, 2019


Crypto Industry News:

The CEO of Bitwise Asset Management says he still believes that US regulators will approve cryptographic ETFs. Hunter Horsley spoke during a television interview with Bitwise research director Matt Hougan.

Bitwise submitted its last ETF application to the US Securities and Exchange Commission (SEC) in January this year. This week, the regulator postponed the decision on the application – along with two other cryptographic ETF proposals – with the deadline for issuing the decision set for October 13.

Despite these changes, Horsley remained positive, noting that the SEC was relatively open to the reasons for this delay and presented the nature of its concerns.

Although Bitwise has made many attempts at various ETF applications, it has noticed that great progress has been made over the past twelve months. Horsley’s perspective was repeated by Hougan, who summarized significant recent developments in the cryptographic sector, such as the entry of the trading company Susquehanna, improved arbitration and new spreads.

He also noted that cryptocurrency trust companies now have access to extensive insurance policies from Llyod’s of London and that the market is maturing more widely. He claimed that a large part of SEC’s concerns was resolved:

A key aspect of Bitcoin ETFs in the US is that they unlock the financial advisor market. Until now, crypto has focused mainly on retail or institutional investors. Half of the money in the United States is managed by financial advisers, and it is currently very difficult for them to gain access to this market.

Technical Market Overview:

The bounce at the BTC/USD market did not last long as the bulls have only managed to hit the level of $10 383. This level is just slightly above the 38% Fibonacci retracement of the last wave down, so the bounce was weak. The price has reversed again and now is heading back towards the technical support at the level of $9.415.

Weekly Pivot Points:

WR3 – $13,583

WR2 – $12,879

WR1 – $12,118

Weekly Pivot – $11,389

WS1 – $10,550

WS2 – $9,816

WS3 – $9,007

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.

The material has been provided by InstaForex Company –

Source:: Technical analysis of BTC/USD for 16/08/2019:

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