Technical analysis of BTC/USD for Sept 18, 2019

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Crypto Industry News:

The Dutch company Waste2Wear claims to have created the world’s first collection of recycled fabrics made of oceanic plastics that can be traced using Blockchain.

The eco-friendly company is organizing an exhibition from 17 to 19 September in Paris at the international textile fair Premiere Vision.The collection was specially developed by Waste2Wear in response to customer demand for recycled materials used in fabrics to be traceable. The company announced the introduction of the beta version of its proprietary Blockchain system into the new collection on August 22.

Waste2Wear said that plastic waste must take a long journey from the ocean to become a finished textile product, which requires many step-by-step data records. By implementing Blockchain technology, the company intends to fully follow the fabric supply chain.

The plastics used to produce Waste2Wear oceanic fabrics were obtained from the water and coastal areas of a small island near Shanghai. In collaboration with local authorities, Waste2Wear has built a business model enabling local fishermen to earn money by recovering plastic from the ocean. According to Waste2Wear, fishermen collect over three tonnes of ocean waste every week.

Technical Market Overview:

The BTC/USD pair did not make any important move after the pairs have moved down out 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

Source:: Technical analysis of BTC/USD for 18/09/2019

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