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Technical Analysis of BTC/USD for Mar 25, 2020
Crypto Industry News:
The world’s largest producer of ASIC Bitcoin excavators, Bitmain, sold out the first round of domestic sales of Antminer S19 within 24 hours of receiving orders.
On March 23, Bitmain wrote on Twitter that it had opened its first domestic sales stage to the long-awaited Antminer S19s – before it was sold out the same day.
The first version of Antminer S19 will have a hashrate of 95 terahash per second (TH / s) and energy efficiency of 4.5 ± 5% joules per terahash (J / TH), while the Antminer S19 Pro has a hashrate of 110 TH / s and an energy efficiency of 29.5 ±% 5 J / TH. The second version of both S19 will have a reduced hashrate by 5 TH / s.
Plain S19 costs around $ 2,180, while the pro version costs $ 2,920. Bitmain says international sales will follow soon.
Customers who managed to enter the first round can expect units to arrive between 11 and 20 May. Given that Bitcoin’s halving is currently scheduled for May 12, the estimated S19 shipment dates have provoked the wrath of the mining community.
Many comments in response to the Bitmain announcement suggest that the company chose this date so that it could extract Bitcoins using next-generation ASICs without competition even before the awaited halving.
Technical Market Outlook:
The BTC/USD pair has bounced from the level of $5,827 which is just above the lower Triangle pattern line located at $5,620. Then bulls has pushed the price out of the Triangle formation and almost make the test of the technical resistance located at the level of $6,863. They still make pressure on the market, but in the meantime they must be careful not the fall under the level of $5,500. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $4,972. The key short-term technical support is seen at the level of $3,946 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.
Weekly Pivot Points:
WR3 – $9,603
WR2 – $8,246
WR1 – $7,228
Weekly Pivot – $5,818
WS1 – $4,764
WS2 – $3,330
WS3 – $2,301
Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.
The material has been provided by InstaForex Company – www.instaforex.com
