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Technical analysis of BTC/USD for July 26, 2019
Crypto Industry News:
The leading stock exchange cryptocurrency Binance added support for many decentralized exchanges (DEX) to its Trust Wallet, integrating the Kyber Network protocol.
Binance acquired Trust Wallet – a decentralized open-source wallet that initially offered native support for Ethereum tokens and others based on it – in the summer of 2018. After extending the portfolio service to many cryptocurrencies, in June Binance released its portfolio for its non-deposit Binance DEX platform.
After integration with the Kyber Network protocol – a dedicated cross-platform transactional platform – users will have access to a wider DEX ecosystem and will be able to exchange cryptocurrencies using Multi-DEX and an interface without a portfolio of orders.
In the spring, Binance revealed details of its Trust Wallet action plan, indicating that it plans to support tokens based on protocols using PoS algorithms, offer staking services, and integrate Layer 2 payment protocols, such as Lightning Network.
Interoperability has gained in strength among developers of protocols and industry companies who want to prevent the possible creation of the Blockchain landscape unit and support problem-free trade and application development.
This summer, Chinese platforms, Blockchain Ontology, and NEO, have partnered to create an open global cross-platform, and the Ethereum Classic incubator, ETC Labs, has revealed its plans to create a solution for interoperability Ethereum in collaboration with Metronome.
Technical Market Overview:
The short-term trendline on the BTC/USD market has been clearly violated, but there were not follow through the rally and the price reversed down just before the technical resistance located at the level of $10,166. The next target is seen at the level of $9,070, but so far the bears went down to the level of $9,459.To regain control, the bulls have to break through the technical resistance again and head towards the level of $11,068.
Weekly Pivot Points:
WR3 – $13,488
WR2 – $12,221
WR1 – $11,392
Weekly Pivot – $10,218
WS1 – $9,394
WS2 – $8,128
WS3 – $7,356
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.
The material has been provided by InstaForex Company – www.instaforex.com
