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Technical analysis of BTC/USD for Oct 22, 2019
Crypto Industry News:
Binance, one of the world’s largest crypto exchanges, will soon add fiat trading support, starting with the Russian ruble. The news was publicly announced by Binance president Changpeng Zhao during an event organized by the Russian government in Moscow, the Open Innovations Forum. By adding Russian cryptocurrency to its platform, Binance will allow users from Russia to buy cryptocurrencies directly using rubles, Zhao explained:
“In about two weeks we should get support for direct trading of Russian rubles. So you can buy cryptocurrencies on Binance.com using rubles,” says Zhao in a recording posted on Twitter.
The news comes at a time when the crypto industry in Russia is still not officially regulated, because the government has again delayed the adoption of the main cryptographic bill ‘On digital financial assets’, as reported in mid-October.
In January 2019, Binance announced for the first time expansion plans to eight new countries, including Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda. Binance has already launched four international cryptocurrency exchanges, including Binance Uganda, the Binance Jersey European trading platform, Binance Singapore and Binance US.
Technical Market Overview:
The BTC/USD pair has made a new local high at the level of $8,295 and then the bullish rally had been capped at this level due to the Pin Bar candlestick pattern made. There is still a chance for the rally to continue, but Bitcoin has been dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement, but now the bulls are regaining the control over the market. The immediate support is seen at the level of $8,048 and the next technical resistance is seen at the level of $8,474.
Weekly Pivot Points:
WR3 – $9,074
WR2 – $8,707
WR1 – $8,444
Weekly Pivot – $8,103
WS1 – $7,849
WS2 – $7,474
WS3 – $7,245
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
