Technical analysis of BTC/USD for August 19, 2019

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Crypto Industry News:

Bakkt cryptocurrency exchange has announced the upcoming launch of its long-awaited platform for daily and monthly futures in the United States. After receiving approval from the necessary regulatory bodies, commissioning is scheduled for September 23.

Bakkt’s physically delivered futures contracts have been the subject of expectations for many people. The company initially announced their premiere for August 2018, but then faced repeated delays related to compliance issues. Meeting the CFTC requirements has proved particularly difficult.

According to the announcement, Bakkt has hosted many events in New York and Chicago – cities of key importance for the US futures market. They also met with regulators from the CFTC, as well as the Securities and Exchange Commission (SEC).

To ensure its futures contracts, Bakkt will work with Intercontinental Exchange Futures U.S. and Intercontinental Exchange Clear US.

Institutional and fiduciary services are a growing market in the space of cryptography – the leading US stock exchange Coinbase announced the purchase of a Xapo institutional fiduciary operation last night. After the announcement, Coinbase’s CEO, Brian Armstrong, commented on the significant increase in the number of institutional cryptographic clients, saying:

“Whether the institutions intended to accept the crypto or not was an open question about 12 months ago. I think it’s safe to say that we know the answer. Every week we see 200-400 million dollars of new cryptographic deposits from institutional clients”.

Technical Market Overview:

The BTC/USD pair has retrace way below the last Fibonacci level and made a local low at the level of $9.415 before any significant bounce took place. Currently to market is trading around the level of $10,166, which is important technical resistance for the price. The bulls must move the prices higher towards the level of $11,027 in order to contolr the marekt. Any violation of this level will be a good signal of a possible further move higher towards the level of $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 19/08/2019:

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