Technical analysis of BTC/USD for Oct 23, 2019


Crypto Industry News:

The Taiwanese electronic giant HTC has launched its new smartphone Exodus 1s, enabling users to run a full Bitcoin node on mobile devices. HTC released Exodus 1s at the Lightning Conference in Berlin and began selling the first devices during the event using the Lightning payment network, the company said.

The new Exodus 1s is a cheaper version of the pioneering HTC Exodus 1 with Blockchain technology, which has recently added Bitcoin Cash support. The company claims that the new device at a price of 219 euros can be bought with Bitcoin, Ethereum, Litecoin, Binance Coin and Bitcoin Cash.

In addition to offering buy, sell, send, receive, trade and borrow options, HTC claims that Exodus 1s is the first smartphone capable of supporting a full Bitcoin node.

The product will initially be available to users in Europe, Taiwan, Saudi Arabia and the United Arab Emirates, while other regions will have access to it at a later date, the company noted.

Phil Chen, Director of HTC Decentralization, said full nodes are “the most important component of Bitcoin network resilience,” noting that by introducing Exodus 1s, the company lowered the entry barrier for each person to launch the node and participate in a global network.

The predecessor of Exodus 1s, Exodus 1 and “the first native Blockchain phone” was announced for pre-sale on October 23, 2018, and was available in 34 regions, including the US, UK and Hong Kong.

Technical Market Overview:

After the bullish rally at the BTC/USD pair had been capped at the level of $8,292 due to the Pin Bar candlestick pattern made, the price broke below two local technical support levels: $8,048 and $7,934. There is still a chance for the rally to continue, but Bitcoin is again dangerously close to the key technical support and wave (A) bottom after the failed rally above the 61% Fibonacci retracement and bears 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 –

Source:: Technical analysis of BTC/USD for 23/10/2019

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