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Technical analysis of BTC/USD for Dec 4, 2019
Crypto Industry News:
The leading cryptocurrency exchange, Binance, began listing four trading pairs for the Russian ruble, as announced today. The first trading pairs with the ruble are Binance Coin, Bitcoin, Ethereum and XRP. Binance CEO Changpeng Zhao commented on the move in a tweet sent the same day.
The addition of trading pairs by Binance followed the introduction of ruble trading on the platform in late October when Zhao announced that users can now deposit and withdraw cash in rubles.
Zhao previously praised Russia’s position as an important jurisdiction for the cryptographic and Blockchain industry, recognizing the wealth of IT talents in Russia and calling for President Vladimir Putin to be the most influential person in the Blockchain industry.
Ruble support and trading pairs are the latest in a series of new features and resources added to the platform over the past few months. In November alone, Binance added support for the Turkish Lira and also became the first stock exchange to add the Fiat Gateway developed by Paxos.
Meanwhile, the other cryptocurrency trading platforms are also expanding their activities. According to reports that appeared in mid-November, Bitcoin futures contracts on the Bakkt Intercontinental Exchange (ICE) platform will be extended with the option of cash settlement. In turn, in the middle of November, the OKEx cryptographic exchange launched futures contracts for Bitcoins, which are supplemented with Tablecoin stablecoin.
Technical Market Overview:
The BTC/USD pair is extending the down move towards 61% of the Fibonacci retracement located at the level of $6,973. The three-wave upwards move was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star 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 61% Fibonacci retracement is the first target, but the down move might even get to the swing low located at the level of $6,488.
Weekly Pivot Points:
WR3 – $9,343
WR2 – $8,576
WS3 – $7,989
Weekly Pivot – $7,181
WS1 – $6,590
WS2 – $5,869
WS3 – $5,242
Technical 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
