Technical analysis of BTC/USD for Sept 20, 2019

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Crypto Industry News:

Jay Clayton, chairman of the Securities and Exchange Commission (SEC), said Bitcoin needs stronger regulation for Bitcoin to be traded on a large stock exchange.

According to financial media reports, Clayton spoke at the Delivering Alpha conference, where he also warned investors to be careful that Bitcoin would be regulated and traded on the large stock exchange.

“If [investors] think that the same rigor as when setting the price level exists, as on the Nasdaq or NYSE, they are very wrong. We need to get to a place where we can be sure that trading is better regulated,” he said.

The author of the publication notes that although Bitcoin Future contracts on the Chicago Mercantile Exchange are indeed traded on a large stock exchange, Bitcoin is not in itself. According to the article, attempts to introduce Bitcoin into the mainstream include attempts to launch the ETF, which until now have been rejected by regulators due to concerns about variability and fraud in the industry.

Technical Market Overview:

The BTC/USD pair bounced from the level of $9,535 and moved higher towards the technical resistance located at the level of $10,407. The last 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 20/09/2019

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