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Technical analysis of BTC/USD for Feb 5, 2020
Crypto Industry News:
A new Minecraft server called SatoshiQuest has been launched, which provides an online treasure hunt, rewarding the winner with real Bitcoins.
Each player has a unique game wallet address associated with his Minecraft user ID. To start the game, the player must pay 1 dollar in Bitcoin, which will allow him to search for bitcoin treasure. The pool of all payments is collected in the winner’s prize fund and is refreshed every 15 minutes. When the treasure is found, 85% of the pot goes to the winner’s account, 10% is paid to the developers, and the remaining 5% remains in the pot until the next game. Finding a treasure means resetting the game.
Active players search Minecraft’s vast landscapes for hidden treasure. When a player approaches a treasure, its location is transmitted to other players – it gives them a chance to reach the treasure first and is supposed to stop players camping on the looted site. Although you can hope that there are enough places to get loot to make this tactic unprofitable.
One of the things that may discourage potential players is that any entry fee paid by the player will also require a transaction fee. Although it is currently in the range of $ 0.25-0.30, any increase in the price of Bitcoin is likely to cause the fees to rise again.
Technical Market Overview:
The BTC/USD pair has hit the 38% Fibonacci retracement located at the level of $9,019 during the corrective cycle and bounced towards the nearest technical resistance seen at the level of $9,230. The bulls might be still in control of the market, but the counter-trend correction down might resume any time now. Please notice the momentum is clearly decreasing as well, which supports the near-term bearish outlook.
Weekly Pivot Points:
WR3 – $10,823
WR2 – $10,138
WR1 – $9,838
Weekly Pivot – $9,130
WS1 – $8,807
WS2 – $8,069
WS3 – $7,777
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
