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Technical analysis of BTC/USD for Oct 10, 2019
Crypto Industry News:
European Commissioner for Finance, Valdis Dombrovskis, has promised to propose new regulations governing cryptocurrencies, such as Facebook Libra.
According to financial media reports, speaking to EU legislators, Dombrovskis said:
“Europe needs a common approach to crypto-assets such as Libra. I intend to propose new legislation in this area.”
Dombrovskis, who was the Prime Minister and Minister of Finance of Latvia and a Member of the European Parliament in the years 2004–2009, is currently seeking reappointment as the Vice-President of the European Commission.
If he were re-appointed, he would be given the task of “an economy that works for the people” and would still be responsible for the Commission’s financial services portfolio and its work on “deepening economic and monetary union”, as emphasized by the chairwoman Ursula von der Leyen.
In addition to emphasizing the need for new legislation on cryptocurrencies in Europe, Dombrovskis spoke of the need for the EU to address “unfair competition, cybersecurity, and threats to financial stability”.
Technical Market Overview:
The BTC/USD pair has broken through the technical resistance located at the level of $8,474 (now support) and made a fresh new local high at the level of $8,647. The momentum is increasing, so the next target for bulls after the breakout is done is seen at the level of $9,046. If this will be the impulsive wave upward, then the low located at the level of $7,676 will be confirmed as the bottom for the wave (c) of wave (A) and the market will develop the wave (B) of the overall corrective move.
Weekly Pivot Points:
WR3 – $9,064
WR2 – $8,729
WR1 – $8,221
Weekly Pivot – $7,955
WS1 – $7,433
WS2 – $7,138
WS3 – $6,572
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
