Technical analysis of BTC/USD for Sept 19, 2019

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Crypto Industry News:

Craig Wright, the self-styled inventor of Bitcoin, asked for another extension of the deadline for settling the case with his late partner Dave Kleiman.

Wright’s lawyers have filed a new request for a 30-day extension of the deadline, citing the need to facilitate ongoing discussions with Dave Kleiman’s assets as the parties began “extensive settlement negotiations.”

According to the document, Wright’s lawyers and Kleiman’s property reached a non-binding agreement to settle the case and continue to negotiate and finalize all relevant conditions.

Referring to a number of upcoming deadlines, such as Wright’s opposition to Judge Reinhart’s sanction to be held on September 24, the defendant claimed that the final binding settlement is the best interests of both parties, and this requires a prolongation.

Technical Market Overview:

The BTC/USD pair broke below the technical support at the level of $9,795 and made a new local low at the level of $9539 at the time of the writing the analysis. This move down might be the last subwave of the corrective cycle in the wave (2, so the (a) (b) (c) corrective pattern might have been terminated already. In a case of a trend resumption, the next target for bulls is seen at the level of $10,407 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 19/09/2019

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