Technical analysis of BTC/USD for Nov 20, 2019

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Crypto Industry News:

The US Securities and Exchange Commission (SEC) is reviewing its decision to reject the Bitcoin ETF fund application from Bitwise Asset Management and NYSE Arca.

In a November 18 announcement, the commission said that the ETF application from Bitwise Asset Management and NYSE Arca would return to review after being rejected for failing to meet the necessary requirements.

In October, US regulatory authorities stated that applicants had not met the necessary requirements for possible market manipulation and illegal activity.

“The Commission rejects the proposed amendment to the rules because, as discussed below, NYSE Arca has not fulfilled its obligations under the Exchange Act and the Commission’s Practice Principles to demonstrate that its application complies with the requirements of section 6 (b) of the Exchange Act in particular with the requirement that the provisions on the national stock exchange should be designed to prevent dishonest and manipulative activities and practices, “wrote the SEC at the time.

One of the regulator’s main concerns when assessing new commodity-based ETFs is whether the underlying market is tamper-proof. In the order, which rejected the Bitwise request, the SEC commissioners wrote that the evidence did not sufficiently support the claim that the “real” spot market for Bitcoin, after removing “false and/or uneconomical data”, is sufficiently tamper-proof.

However, today the regulator announced that it is reviewing the application, so once again any party or person can submit a statement in support of or in opposition to action taken in accordance with the transferred authority, no later than December 18, 2019.

The SEC also notes that the decision to reject the proposed listing of the ETF Bitwise Asset Management and NYSE Arca will remain in force until the Commission is reviewed.

Technical Market Overview:

The BTC/USD pair has made a new local low at the level of $7,934. The bears are in full control of the market and the level of $8,298 will now act as technical resistance. The down move is still continued then and so far there are no signs of any kind of a reversal. The next target for bears is $7,934 and $7,701.

Weekly Pivot Points:

WR3 – $9,580

WR2 – $9,281

WR1 – $8,860

Weekly Pivot – $8,570

WS1 – $8,114

WS2 – $7,825

WS3 – $7,365

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

Source:: Technical analysis of BTC/USD for 20/11/2019:

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