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Technical analysis of BTC/USD for Feb 11, 2020
Crypto Industry News:
Many cryptocurrency conferences in Asia are delaying in response to an outbreak of coronavirus outbreak in the region.
Token2049, the main cryptographic event organized annually in Hong Kong, is the latest event that will postpone the date. Originally scheduled for mid-March 2020, Token2049 will now take place from October 7-8, 2020.
Hong Kong, which reportedly announced plans to close its border crossing points with mainland China to further combat the deadly virus, is experiencing even greater uncertainty due to local anti-government protests.
Token2049 is not alone in postponing his event. On January 3, Binance’s popular global cryptocurrency market announced the delay of Binance Blockchain Week in Vietnam, which was originally scheduled for February 29 – March 4, 2020. Binance said it would return registered visitors, noting that the new event date will be announced later.
At the end of January, another major conference, Hong Kong Blockchain Week 2020, announced that it would suspend the March 2020 event. The event organizer said it would publish a new date as soon as it was set.
Technical Market Overview:
Since the Bitcoin market has made a Bearish Engulfing candlestick pattern at the H4 timeframe chart at the level of $10,133, some traders have taken profit off the table and the price has been pushed lower towards the technical support located at the level of $9,645. Nevertheless, the trend is still up despite the extremely overbought market conditions on H4 and Daily timeframes, but the bears might try to test the nearest important short-term technical support at the level of $9,508 soon. Only if this level is clearly violated the deeper correction can be made towards the levels of $9,123 and $9,013.
Weekly Pivot Points:
WR3 – $11,600
WR2 – $10,823
WR1 – $10,568
Weekly Pivot – $9,731
WS1 – $9,416
WS2 – $8,639
WS3 – $8,335
Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com
