Technical analysis of BTC/USD for Oct 15, 2019

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Crypto Industry News:

Recent data from the GlassNode portal clearly show that the number of Bitcoin (BTC) addresses with balances of over 1000 BTC (USD 8.3 million) is increasing at the same pace this year as before 2014.

The growing balance of bitcoin wallets indicates a repetition of history, when the growth rate in this area, in the early BTC years, showed a similar impetus, and fresh appetite for rich bitcoin balances at much higher prices than five years ago speaks to richer people who boldly enter into cryptocurrency space.

It turns out that people who could then generate wallets with a capacity of not less than 1000 BTC just out of curiosity, today they do it solely for financial reasons, so we are probably experiencing a new bitcoin renaissance, this time fueled by the inflow of capital from investors with high net worth, while the first was from technology enthusiasts who were charging the network.

The desire to have BTC increased when altcoins did not succeed in 2019, essentially maintaining an uninterrupted bear market from the peak in 2017. At the same time, BTC had to become more promising for investors and breeders, achieving an increase of over 200% from the beginning of the year.

1000 BTC is currently worth over 8.3 million dollars. At the same time, we observe a smaller desire to have a comprehensive BTC unit. People are starting to enjoy bitcoin divisibility, also collecting larger or smaller parts of it.

Technical market overview:

The BTC/USD pair has reversed towards the technical support located at the level of $8,048 and it has been hovering around this level for some time now. This level is around the middle of the horizontal trading range located between the levels of $8,760 – $7,700, so the price in now back to the range again. The momentum is flat and so is the price action at the beginning of the new trading week as the global investors await a clear breakout in either direction. Please notice the larger timeframe trend remains bullish.

Weekly Pivot Points:

WR3 – $9,781

WR2 – $9,248

WR1 – $8,711

Weekly Pivot – $8,198

WS1 – $7,675

WS2 – $7,127

WS3 – $6,590

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

Source:: Technical analysis of BTC/USD for 15/10/2019

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