Technical analysis of BTC/USD for Sept 17, 2019

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Crypto Industry News:

The first cryptographic ATM in Venezuela was installed on September 10 in the city of San Antonio del Tachira, according to Coin ATM Radar, a website that makes it easy to search online for the nearest one.

Panda BTM installed a Bitcoin ATM in a small grocery store called Viajes e Inversiones HC. The machine supports cryptocurrencies such as Bitcoin, Bitcoin Cash and DASH, as well as the official currency of Venezuela and Colombia.

There were also earlier attempts to install Bitomat in Venezuela. At the end of January, the cryptographic company Cryptobuyer announced the upcoming installation and testing of a new Bitcoin ATM in the city of Caracas. However, for unknown reasons, the ATM was never started.

Neighboring Columbia currently has the most crypto ATMs from all Latin American countries. This number is expected to increase thanks to the partnership between the global Bitcoin peer-to-peer market, Paxful, and Blockchain-based in Medellin, CoinLogiq, which will introduce 20 new cryptographic ATMs to Colombia.

Technical Market Overview:

The BTC/USD pair moved out of the horizontal price range located between the levels of $10,211 – $10,381 and the direction of the movement is to the downside. 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

Source:: Technical analysis of BTC/USD for 17/09/2019

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