Technical analysis of BTC/USD for Oct 29, 2019

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Crypto Industry News:

A court in the United States ordered Christopher Bania, who recently confessed to drug distribution, to give away nearly 17 Bitcoins – worth approximately $ 150,000.

According to a Wisconsin court order, Bania will have to hand over “About 16,91880054 Bitcoin confiscated from the Local Bitcoins exchange account. Although this amount is approximately $ 153,100 on the day of publication, it is far less than the 124 Bitcoins that the court returns to the defendant, along with various other cryptocurrencies, and over $ 50,000 in cash confiscated from his place of residence after his arrest.

Although he was initially charged with money laundering, import of controlled substances and maintaining drug ownership, the Bania settlement of September 6 concerned a single charge for possession of controlled substances with the intention of distribution, which entails a maximum of 20 years in prison.

Bania acknowledges the sale of cannabis, cocaine, MDMA and LSD on the dark web. However, he denies the distribution of methamphetamine and heroin, which the authorities also found in his home.

The US Border Patrol initially opened an investigation into Bania’s proceedings after intercepting two parcels from Belgium containing MDMA. Investigators were able to trace the distribution networks used by the dealer thanks to his transaction notebooks, which court documents describe as “meticulous”.

Technical Market Overview:

After the impressive rally, the BTC/USD market has entered a corrective cycle that is still being continued and is struggling to break through the technical resistance located at the level of $9,796. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $9,263. The next target for bears is seen at the level of $8,760 or even $8,474 before a new wave up will be made.

Weekly Pivot Points:

WR3 – $14,033

WR2 – $12,095

WR1 – $10,995

Weekly Pivot – $9,057

WS1 – $8,029

WS2 – $6,062

WS3 – $4,932

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 29/10/2019

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