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Technical analysis of BTC/USD for Nov 26, 2019
Crypto Industry News:
Charles Hoskinson, co-founder of Ethereum and creator of Cardano, said he expects Bitcoin to return to over $ 10,000 and reach $ 100,000 in the future.
In a published tweet, Hoskinson argued the cryptocurrency community that Bitcoin is more than speculation, blaming the latest FUD media price drop – or fear, uncertainty and doubt – and market manipulation.
Because Bitcoin is about more than just price movements, he expects the world’s largest cryptocurrency to get more growth in the future.
“The price of Bitcoins is falling? Everyone, after FUD, news trading and manipulations expire, we still have a global movement that will change the world. We will see 10,000 BTC again and welcome 100,000 BTC. Crypto is unstoppable. Crypto is the future,” he said.
Technical Market Overview:
The BTC/USD pair has made another lower low at the level of $6,488. The last Elliott wave count has been invalidated due to the wave 1 and wave 2 overlaps. The market continues the move lower after the corrective cycle is completed. There is no sign of any reversal yet. The nearest technical resistance is seen at the level of $7,234 and the next target for bears is seen at the level of $6,345 and $6,000.
Weekly Pivot Points:
WR3 – $9,581
WR2 – $9,033
WR1 – $7,830
Weekly Pivot – $7,282
WS1 – $6,055
WS2 – $5,531
WS3 – $4,254
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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
