Technical analysis of BTC/USD for Oct 8, 2019


Crypto Industry News:

According to a recently published announcement, the financial regulator of New York employs a specialist with experience in the field of virtual currencies and Blockchain.

The Financial Services Department wants to hire a deputy curator in the research and innovation department who has experience in cryptocurrency, blockchain, DLT technology and other related fields. The person in this position will be responsible for political decisions and regulation of emerging and innovative markets.

The person will be responsible for managing the development of law enforcement procedures, policies and communication strategies in the field, maintaining engagement with industry players, and developing compliance initiatives and measures.

In recent months, government organizations are actively employing cryptography and Blockchain specialists. The US Department of Commerce wanted to hire an IT specialist specializing in Blockchain and identity management in August. He noted that the role of the candidate will focus on cyber security opportunities.

At the end of September, NASA announced a vacancy for a scientist in the field of cryptography and Blockchain at the Jet Propulsion Laboratory in California, whose primary function is the construction and operation of an unmanned planetary spacecraft and conducting orbiting missions.

In the spring, the US Securities and Exchange Commission (SEC) employed an employee who would provide expertise in cryptocurrency. The job application read at the time that the SEC would pay up to $ 239,000 a year for its cryptography specialist who would perform various advisory roles.

Technical Market Overview:

The BTC/USD pair has moved higher towards the level of $8,282, but the bounce was rather shallow, with a top located at the level of $8,282 in form of a Doji candlestick pattern, 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 –

Source:: Technical analysis of BTC/USD for 08/10/2019

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