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Technical analysis of BTC/USD for Sept 16, 2019
Crypto Industry News:
French Finance Minister Bruno Le Maire said that Europe should consider its own “public digital currency” that could challenge Libra Facebook. The minister’s comments – the latest from a series of high-profile doubts about the cryptocurrency plans of the social media giant – were reported by Reuters.
At the EU Finance Ministers’ meeting in Helsinki, Le Maire told reporters that next month he would talk about the potential of the European public digital currency with his counterparts on the continent.
He also confirmed his fears that the proposed stablecoin Libra may pose a threat to consumers, financial stability and even “sovereignty of European countries”. Le Maire called on the European bloc to continue work on reducing the cost of cross-border payments.
Real-time payments in the euro area have been available since 2017, but the program has attracted only about half of the block’s banks. In addition, the project is currently focused largely on national payments.
In addition to these proposals, Le Maire said the bloc must rethink its approach to regulating cryptocurrencies at EU level. Repeating his calls for refusing to approve the launch of Libra in the European Union, Le Maire argued that the current suspension – in which regulators are still debating whether to regulate cryptocurrencies as securities, payment services or currencies – must be resolved by creating a solid and common legal framework.
Technical Market Overview:
The BTC/USD pair keeps trading inside of the horizontal price range located between the levels of $10,211 – $10,381. So far the bulls have only managed to retrace 50% of the last move down in the wave (2) of a higher degree and the momentum is not increasing as well. The next target for them is seen at the level of $10,469 and it needs to be violated in impulsive fashion in order to continue the up move, otherwise, the whole Elliott Wave scenario will be changed and updated.
Weekly Pivot Points:
WR3 – $11,232
WR2 – $10,847
WR1 – $10,552
Weekly Pivot – $10,174
WS1 – $9,851
WS2 – $9,477
WS3 – $9,160
Trading Recommendations:
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 being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.
The material has been provided by InstaForex Company – www.instaforex.com
