Technical analysis of BTC/USD for Dec 5, 2019

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Crypto Industry News:

The Italian professional football club Juventus has issued its own token to allow fans to vote. After a year of work on the project, the Juventus brand token is available on Socios.com, the tokenized platform for voting for sports fans, as we read in the published announcement.

The initial token price is 2 euros per token, while a limited number of free tokens will be available through the Augmented Reality (AR) feature on the Socios.com app – “Token Hunt”. Fans who have a token will be able to vote in a number of club-related decisions, the first of which will determine the club’s song when it scores.

Initially, the club planned to release a token in the first quarter of 2019. The decision to create a branded token was a consequence of a similar Paris Saint-Germain (PSG) initiative. The PSG partnership with Socios.com allows fans to vote and also gives VIP status and/or rewards to owners.

Sports teams around the world have actively used branded tokens to improve their interaction with fans. In mid-October, the Sacramento Kings NBA basketball team teamed up with CryptoKaiju to introduce “crypto-collectibles” backed by non-exchangeable tokens.

Technical Market Overview:

The three-wave upwards move on Bitcoin 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 recent sudden spike up was capped at the level of $7,700 again and it was retraced in 100%. The BTC/USD pair is extending the down move towards 61% of the Fibonacci retracement located at the level of $6,973, which is the nexttarget, 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

Source:: Technical analysis of BTC/USD for 05/12/2019:

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