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Technical analysis of BTC/USD for Nov 1, 2019
Crypto Industry News:
The Malta Financial Services Authority (MFSA) warns the public that the entity named “Bitcoin Future” appears to exhibit “the same deceptive features” as a separate fraud called “Bitcoin Revolution”, for which two public warnings have already been issued this year.
The statement noted that such fraudulent operations seem to constantly appear on the Internet as advertisements, changing their names to avoid detection. Deceptive ads distribute false passwords, such as “A Way to Build a Better Life” and “A Unique Opportunity for Maltese People,” notes MSFA, pointing readers to specific URLs where these fake ads currently appear. The supervisor characterizes the culture and strategies of these exploits, noting that:
“Bitcoin Future promotes itself through fake press articles that use images of local personalities and images of local government institutions. Fake articles are advertised on various social media platforms and falsely claim to be associated with these people.”
As part of the correction, MSFA explains that Bitcoin Future is not a company registered in Malta, is not authorized to provide financial services to or from the country and is not an entity operating – as it claims – under transitional provisions within the meaning of Art. 62 of the Malta Act on Virtual Financial Assets.
In summary, the regulator claims that Bitcoin Future appears to be an international “get rich quick” scam and asks the public not to engage in business or transactions with the entity in any of the forms it specifies.
The notification includes a link to the official list of financial service providers that are currently licensed by MFSA, as well as guidelines for detecting fraud and a contact point for fraud warnings and victims.
Technical Market Overview:
The BTC/USD bulls had broke through the short-term trendline resistance and now are testing the breakout from below. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The bearish pressure intensifies and the next target for bears is seen at the level of $8,760 or even $8,474 before a new wave up will be made.
Weekly Pivot Points:
WR3 – $14,033
WR2 – $12,095
WR1 – $10,995
Weekly Pivot – $9,057
WS1 – $8,029
WS2 – $6,062
WS3 – $4,932
Trading Recommendations:
Due to the short-term impulsive scenario invalidation, 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 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
