Technical analysis of BTC/USD for Jan 9, 2020

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Crypto Industry News:

Calibra Facebook is looking for two marketing specialists while the company continues to develop the Libra stablecoin project.

The company is looking for the head of media, digital marketing, and community as well as the head of the brand in the Calibra digital portfolio department. Positions require candidates with a minimum of 15 years of experience in their fields, as well as with over a decade of experience in managing and managing people.

According to the announcement, the proposed head of media will be involved in building acquisition and cross-selling strategies and creating customer and customer segments that can be used in engagement programs, among other responsibilities. The brand boss will be tasked with developing creative campaigns targeted at mobile devices, using resources across the entire marketing range to promote the company to over 2.5 billion worldwide.

Calibra is apparently continuing its development and expanding the team of professionals working on the project, despite skepticism from global regulators. Last fall, David Marcus, head of Calibra, referred to regulatory concerns that the planned stablecoin could potentially disrupt the central bank’s monetary policy and destabilize the global financial system.

Marcus had previously argued that Libra’s anti-money laundering (AML) standards would be better than other payment networks. He said Blockchain network technology would allow regulators to better track transactions and identify suspicious activity.

Technical Market Overview:

The BTC/USD rally has been capped around 50% Fibonacci retracement located at the level of $8,320 and since then the bears have took temporary control of the market. They have managed to push the price towards the level of $7,859 and the wave down might extend towards the level of $7,581. As long as this level is not clearly violated, the whole move down will be considered as short-term counter-trend corrective move only. The weekly timeframe trend remains down and there are no signals of any trend reversal just yet.

Weekly Pivot Points:

WR3 – $8,248

WR2 – $7,819

WR1 – $7,642

Weekly Pivot – $7,179

WS1 – $6,988

WS2 – $6,550

WS3 – $6,318

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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

Source:: Technical analysis of BTC/USD for 09/01/2020:

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