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Technical analysis of BTC/USD for Dec 12, 2019
Crypto Industry News:
Rostti, the operator of the Russian energy network, is testing the Blockchain solution for payments in the retail sector for electricity.
The system – initiated by Rosseti and developed by the Russian start-up Waves – aims to automate and make transactions between energy producers, suppliers and consumers more transparent, as written on the Waves blog.
Waves point out that the main drivers of the project are the inefficiency, opacity and growing debt that is currently plaguing the domestic industry. The blog quotes government data from the Russian Federation that revealed that total electricity debt as of September 1, 2019, was 1.3 trillion rubles ($ 15.7 billion), of which 800 billion ($ 12.6 billion) were households.
Sensitive points include the absence of consumer payments, the lack of some payments to reach producers, muted or inaccessible data, and inaccurate calculations by intermediaries.
The results of Waves’ first successful Blockchain project – covering 400 households in the Kaliningrad and Swierdlowska regions – were first presented at the Moscow Networks Forum earlier this month.
In the next phase of the project, Rosetti will implement the system in both regions and will start at the beginning of next year. Ultimately, the partners envisage introducing the solution throughout the country.
Technical Market Overview:
The BTC/USD pair is still under pressure from the bears, so the horizontal trend had been terminated and the price has made a new local low at the level of $7,014. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,601 in form of a Pin Bar candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,234 again and it was retracted in almost 100%, so the next target for bears is seen at the level of $6,973 which is a 61% Fibonacci retracement of the last major wave up.
Weekly Pivot Points:
WR3 – $8,491
WR2 – $8,082
WR1 – $7,829
Weekly Pivot – $7,397
WS1 – $7,107
WS2 – $6,723
WS3 – $6,444
Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
The material has been provided by InstaForex Company – www.instaforex.com
