Technical analysis of BTC/USD for Sept 23, 2019

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Crypto Industry News:

The cryptocurrency investment app, Abra, begins selling cryptocurrency for cash in all 7-Eleven stores in the Philippines thanks to a new cooperation with ECPay.

Abra has announced that the partnership will provide cryptocurrency access to 6,000 retail outlets in the Philippines, including all 7-Eleven stores. The company claims that the purpose of the partnership is to facilitate the acquisition of cryptocurrencies:

“Using new digital tools that open access to financial resources should not be difficult. And they should not be complicated. The conversion of cash into crypto and other digital resources should be simple and fast. That is why we are really happy to announce our new partnership “- we read.

As a result of cooperation with ECPay, consumers in the Philippines will be able to find Abra on the list in the “Bill Payments” option at any CLIQQ ECPay financial services kiosk or in a dedicated mobile application. Then they can deposit money into Abra’s wallet. The minimum deposit is PHP 500 ($ 9.59) and the daily limit is PHP 100,000 ($ 1,917).

Technical Market Overview:

The BC/USD pair has turned to the south again as the bears make more pressure on the higher prices and the top of the wave (b) at the level of $10,407 has not been violated yet. The recent local high was made at the level of $10,317 after a bounce from the level of $9,539, but since then the beard are pushing the market lower again. The nearest technical support is located at $9,795 and $9,704. No important breakout occurs so far and the larger time-frame trend remains up.

Weekly Pivot Points:

WR3 – $11,109

WR2 – $10,706

WR1 – $10,333

Weekly Pivot – $9,939

WS1 – $9,560

WS2 – $9,159

WS3 – $8,757

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 23/09/2019

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