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Technical Analysis of BTC/USD for May 18, 2020
Crypto Industry News:
Counterfeit products “Made in Italy” are sold in markets around the world. The Italian government began the fight against these counterfeits by investing 15 million euros in developing a solution to this problem based on Blockchain.
According to a new counterfeit report, the ‘Made in Italy’ label resulted in losses of EUR 12.4 billion in 2016 alone. Such losses directly affect the income as well as the future survival of many Italian artisans. The Italian fashion industry and the association of this country with handicrafts contribute to the prestigious reputation of the “Made in Italy” brand. If the name were registered as a brand, it would be the third most valuable property in the world (after Coca Cola and Visa).
The high status of this brand has led to an increasing problem with counterfeit goods. These counterfeits facilitate the theft of intellectual property and destroy the reputation of the label, brands and craftsmen represented by the label. They also cost billions of dollars to the entire industry. The Italian government has recognized this threat and identified Blockchain technology as a potential solution. Recently, the government has allocated EUR 15 million to support the rapid implementation of digital technologies, including the financing of a joint project of IBM Italy and the artisan community.
Aspects of the industry that are being considered for improvement include: authentication of goods and raw materials through the supply chain, secure book of intellectual property rights, demonstrable sustainability and ethical practices, and closer relationships between brands and their clients.
Technical Market Outlook:
The BTC/USD pair has been going up all the weekend and now is hovering around the level of $10,000, which is the key short-term technical resistance for the bulls. Any violation of this level will lead to the local up trend extension towards the level of $10,227 – $10,430. The nearest technical support is seen at the level of $9,382. Please notice, the market conditions on daily time frame chart are extremely overbought.
Weekly Pivot Points:
WR3 – $12,194
WR2 – $10,994
WR1 – $10,553
Weekly Pivot – $9,337
WS1 – $8,765
WS2 – $7,555
WS3 – 7,013
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 material has been provided by InstaForex Company – www.instaforex.com
