Technical Analysis of BTC/USD for July 17, 2020

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Crypto Industry News:

The upcoming meeting of the Futures Trading Commission in the United States or CFTC will host discussions on a number of topics, including Distributed Ledger Technology or DLT, digital assets and trading.

The Technology Advisory Committee, or TAC, the CFTC Technology Consultation Wing, plans to organize a remote meeting on July 16, discussing a number of topics for discussion, as noted in the recently disclosed agenda.

“At this meeting, TAC will listen to the presentation of the TAC subcommittees for Automated and Modern Trading Markets, DLT technology and market infrastructure, virtual currencies and cyber security,” CFTC said in a statement.

The CFTC statement discussed the upcoming meeting. “The TAC meeting program includes key issues that will be discussed and speakers from each panel,” stated the CFTC statement.

Established at the peak of the technology boom in 1999, TAC provides CFTC with advice and feedback on technology intersection, finance and regulation. The published program of the meeting includes panels on cybersecurity, guidelines on technological innovation in trade, DLT and handling of important data. The outline also includes a discussion about the digital currencies of the central bank or CBDC.

In addition, the program includes a section mentioning Bitcoin, entitled: “Analysis comparing Bitcoin volatility with other assets and the impact of COVID-19 on the correlation of asset prices.”

The CFTC previously ruled Bitcoin and Ethereum as commodities, placing them in the same category as gold, while other digital assets such as Ripple’s XRP are still unofficially classified.

Technical Market Outlook:

The BTC/USD pair made another lower low after the 61% Fibonacci retracement has been broken. The low was made at the level of $8,989 and currently bulls are trying to bounce. If this level is violated again, then the drop might accelerate towards the level of $8,860. The momentum is hovering below the neutral level and there is no sign of increased bullish activity. Only a sustained breakout through the trend line resistance might put the bulls back to control over the market again.

Weekly Pivot Points:

WR3 – $10,016

WR2 – $9,728

WR1 – $9,448

Weekly Pivot – $9,161

WS1 – $8,884

WS2 – $8,576

WS3 – $8,302

Trading Recommendations:

The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

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

Source:: Technical Analysis of BTC/USD for July 17, 2020:

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