Technical analysis of BTC/USD for Feb 26, 2020

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Crypto Industry News:

Justin Sun, founder and CEO of Tron (TRX), the 15th largest cryptocurrency in terms of market capitalization, invests in many other cryptocurrencies than Bitcoin. In a television interview, CEO Tron said he has long believed in cryptocurrencies and owns many altcoins, including the two largest coins after Bitcoin – Ethereum and XRP.

When asked if Sun had a diversified cryptographic offer, Tron’s CEO answered:

“I also have a lot of XRP and Ethereum. I am a long-term cryptocurrency follower, which is why I want all cryptographic resources to be successful. That’s why I have many other different cryptos.”

As a big supporter of cryptocurrencies, Sun is optimistic about the price of cryptocurrencies and is convinced that cryptocurrencies like Bitcoin are the future of money. In an interview with CEO, Tron forecast that Bitcoin will exceed $ 100,000 in 2025, stressing that other cryptocurrencies will follow this trend.

“I strongly believe that Bitcoin will exceed $ 100,000 in 2025. I believe that we can reach this price before 2025. At the same time, I believe that many other cryptographic projects, such as Tron, Ethereum and XRP, will also see a bull market,” he said.

In line with his positive attitude towards cryptography, Justin Sun said in an interview that he is investing all his money in crypto. However, it still converts its crypto into fiat currencies, such as the US dollar. In an interview, CEO Tron said that he changes crypto to fiat only when he has to spend money in his daily life.

Technical Market Outlook:

The BTC/USD pair has made another lower low overnight as anticipated. Currently, the BTC/USD is trading below the support located at the level of $9,123 and the local low was made at the level of $9,070. The momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $9,013 and $8,836.

Weekly Pivot Points:

WR3 – $11,253

WR2 – $10,744

WR1 – $10,274

Weekly Pivot – $9,742

WS1 – $9,288

WS2 – $8,756

WS3 – $8,263

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 $10,433 is clearly broken.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of BTC/USD for 26/02/2020:

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