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Technical analysis of BTC/USD for Dec 16, 2019
Crypto Industry News:
The Bottle Pay service, which enabled users to send Bitcoins via social media accounts, announced it would be closed due to anti-money laundering (AML) laws.
Bottle Pay, developed by the British company Block Matrix, enabled Bitcoin payments for any contact on social media, regardless of whether he had an account or not. Just two months ago, the company raised $ 2 million in funding to increase its user base ten times over the next year.
However, as registered in the UK as a provider of fiduciary Bitcoin wallets, the company must comply with the EU 5AMLD Regulation, which will enter into force on January 10, 2020.
Block Matrix believes that the additional user information required by the new rules “would change the current user experience so radically and so negatively that we don’t want to impose this on our community.”
New registrations, deposits and bots on social media are now offline. Funds already sent will not be delivered and will be returned to the sender within 7 days. The payout feature will be disabled and all wallets closed at 13:00 GMT on December 31, 2019. All funds remaining in the wallets will be transferred to the Human Rights Foundation.
Technical Market Overview:
The BTC/USD pair is still under pressure from the bears and it keeps trading close to the 61% Fibonacci retracement located at the level of $6,973. There was another Pin Bar candlestick pattern made around the level of $7,133 during the weekend as well. 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 which is seen at the level of $6,821.
Weekly Pivot Points:
WR3 – $8,020
WR2 – $7,786
WR1 – $7,335
Weekly Pivot – $7,151
WS1 – $6,714
WS2 – $6,500
WS3 – $6,073
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
