Technical analysis of BTC/USD for Jan 27, 2020

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Crypto Industry News:

The World Economic Forum (WEF) has created, he claims, the first-ever global consortium to develop a framework for transnational management of digital currencies, including stablecoins.

A press release made available to the media reveals that the newly created Global Consortium for Digital Currency Management will focus on developing interoperable, transparent and inclusive policy approaches to regulating the digital currency space and supporting public-private cooperation in both developed and emerging economies.

WEF says the impulse to create a consortium is recognizing that well-designed global governance remains the key to delivering such a glorified promise that digital currencies will be conducive to financial inclusion by extending access to financial services to populations around the world who currently do not have access to them .

The consortium will bring together international companies, traditional financial institutions, government representatives, technical experts, scientists, international organizations, NGOs and WEF community members.

In addition to the current fragmentation of the state of global regulation of digital currencies, WEF says that it will focus on building trust and encourage innovative thinking about regulatory policies that can support public and private entities in the global cryptocurrency space.

Many famous personalities supported this initiative, including Bank of England Governor Mark Carney, WEF founder and executive president, Klaus Schwab, senior minister and chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, as well as officials from the Ministry of Finance and central bankers from Egypt and Bahrain.

Technical Market Overview:

The BTC/USD pair has bounced from the level of $8,153, which is just below the 38% Fibonacci retracement located at the level of $8,236. The bulls have managed to push the price towards the level of $8,616 at the time of writing the analysis, but the target seems to be little higher, at the level of $8,693. If, however, this technical resistnace is violated as well, then the bulls might test the recent swing high at the level of $9,130 and continue the up trend.

Weekly Pivot Points:

WR3 – $9,339

WR2 – $9,028

WR1 – $8,796

Weekly Pivot – $8,458

WS1 – $8,222

WS2 – $7,890

WS3 – $7,647

Trading Recommendations:

There is a possibility that the wave 2 corrective cycles are completed at the level of $6,345, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. 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

Source:: Technical analysis of BTC/USD for 27/01/2020:

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