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Technical analysis of BTC/USD for Nov 15, 2019
Crypto Industry News:
Alibaba, the Chinese e-commerce giant, works with the Lolli Bitcoin reward application, enabling its buyers to earn 5% back in Bitcoin. Alibaba customers can now get Satoshis (sats), the smallest Bitcoin currency unit worth 0.00000001 BTC when they shop online, says Lolli.
The partnership was announced on Singles’ Day, a shopping festival that is celebrated in China on November 11 and is considered the largest one-day shopping event in the world. According to Lolla, buyers of Alibaba spent more than 31 billion dollars in 2018 on Singles’ Day.
Alex Adelman, CEO and co-founder of Lolli, pointed out that the new move is a milestone for Lolla because Alibaba is the largest trading and e-commerce company in the world.
“Thanks to our cooperation, our users can earn free Bitcoins daily on millions of products online. Probably the most important element of this partnership is supporting our mission of connecting the whole world through trade” – he said.
The new program will only be available to buyers in the United States. Aubrey Strobel, head of Lolla’s communications department, reportedly claimed that Chinese people would not be able to attend, and products would be shipped from China to US users.
In the Adelman report, he highlighted the company’s plans for global expansion in 2020 and stressed that partnership is a great first step to connect China and the US via Bitcoin and trade.
Technical Market Overview:
The momentum on the BTC/USD market is still negative and a new local low was made overnight at the level of $8,433. The next target for bears is seen at the level of $8,298 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396 and if this retracement is violated, then the market will likely test the key short-term technical support located at the level of $8,298.
Weekly Pivot Points:
WR3 – $10,032
WR2 – $9,933
WR1 – $9,413
Weekly Pivot – $9,012
WS1 – $8,510
WS2 – $8,085
WS3 – $7,592
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 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
