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Technical analysis of BTC/USD for Oct 7, 2019
Crypto Industry News:
Apple is not going to follow Facebook in creating its own digital currency, said company president Tim Cook in an interview with the press. He negatively expressed the idea that Apple could issue its own currency tokens.
“I really think that the currency should remain in the hands of the state. I do not like the idea that a private entity can create a modern currency,” – he said.
His comments have a distinctly different tone than Facebook, which is developing its digital currency Libra, as well as competitors.
In the area of payments, Apple aims to participate in the market with players such as Visa, Mastercard and PayPal via Apple Pay. All three companies have signed up to participate in Libra, despite information disclosed this week that they may all be considering a 180-degree return on this issue.
Those who support decentralized cryptocurrencies like Bitcoin criticize the way countries and central banks corrupt the money supply and support of fiat currency. For Cook, however, they are the right guardians of economic tools.
“Currency, like defense, should remain in the hands of states – it is at the heart of their mission. We select our representatives to assume the responsibilities of the government. Companies are not elected – they should not enter this space,” said Cook.
Technical Market Overview:
The BTC/USD pair is again close to the key technical support located at the level of $7,676. The last bounce was rather shallow, with a top located at the level of $8,474, so the bulls did not manage to get to the higher technical resistance located at $9,048. The bottom of the wave (A) at the level of $7,676 is then in the center of attention of bears after the weekend and if violated, then the next technical support is located at $7,405. The increasing downside momentum supports the short-term bearish outlook.
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
