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Technical analysis of BTC/USD for Feb 12, 2020
Crypto Industry News:
The Ukrainian Ministry and the Committee for Digital Transformation of Ukraine have just published the most reasonable and reliable crypto-regulatory policy for public Blockchain and Proof of Work (PoW) mining on the ground.
Regulatory ministries came to the conclusion that the Bitcoin protocol and enforced consensus rules are sufficient to regulate onchain activities because network rules are enforced by the protocol itself, node operators and the social consensus of the users themselves. Therefore, it does not need government supervision or intervention.
Ukrainian officials understand that Blockchain technology is self-regulating due to the use of open-source protocols and open network access, which allows privacy and free flow of resources, secured by a decentralized network, cryptography, PoW system and social consensus.
Instead of micro-management and blatant regulatory requirements, Ukrainian officials focus on developing state policy in the fields of digitization, digital economy, digital innovation, e-administration and e-democracy, and the development of the information society.
The regulatory policy of Ukraine is trying to revive participation in the creation of virtual assets, blockchain and tokenization, artificial intelligence and other technological innovations.
It is a breath of fresh air that shows that Ukrainian officials actually understand the no-impediment and open public Blockchain chains.
Technical Market Overview:
The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The recent high was made at the level of $10,320, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, 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
