Technical analysis of BTC/USD for Oct 1, 2019


Crypto Industry News:

The Venezuelan central bank is investigating the storage options for Bitcoins and Ethereum, according to anonymous sources that supposedly have direct insight into this matter.

According to financial media articles, the central bank of Venezuela is taking a closer look at whether it has the ability to store cryptocurrencies. The state-owned oil and gas company Petroleos de Venezuela SA (PSDV) asked the central bank to investigate the case after the oil producer encountered difficulties in receiving payments from international clients due to US sanctions against the current Venezuelan regime of President Venezuela Nicolas Maduro.

Anonymous sources have stated that PSDV wants to transfer Bitcoin and Ethereum to the Venezuelan central bank and then instruct the central institution to pay cryptocurrency suppliers.

In the hope of overcoming isolation from the global financial system, the Venezuelan central bank is reportedly analyzing proposals in which cryptocurrencies will be included in the country’s international reserves, which are currently reaching the lowest level in 30 years of $ 7.9 billion.

Technical Market Overview:

The BTC/USD pair has bounced from the technical support located at the level of $7,676, broke through the technical resistance at $8,282 and is currently heading higher towards the level of $9,046. The momentum is now increasing, so the AO oscillator crossed the zero line on green bars. There is still a chance for the wave (C) terminated already, but if the bears will keep making pressure on bulls then the price might reverse and target the level of $7,419.

Weekly Pivot Points:

WR3 – $11,446

WR2 – $10,627

WR1 – $9,093

Weekly Pivot – $8,403

WS1 – $6,727

WS2 – $6,011

WS3 – $4,444

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 –

Source:: Technical analysis of BTC/USD for 01/10/2019

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