Technical analysis of BTC/USD for Sept 26, 2019


Crypto Industry News:

By early 2020, Bitcoin payment support will be launched at more than 25,000 sales outlets for 30 French retailers, including the sports giant Decathlon and the Sephora cosmetics store. The French cryptocurrency news portal Cryptoglobe announced the progress announced during the Paris Retail Week.

The new cryptocurrency payment system is launched as part of a partnership between the Global POS point of sale technology provider, the EasyWallet application and the Easy2Play payment platform. While payments will be made in Bitcoin, the funds will be automatically converted into euros at the time of sale.

Conversion services are to be provided by two partners, Deskoin and Savitar, who are currently applying for the accreditation of a digital service provider under the French PACTE Act.

In addition to Decathlon and Sephora, well-known companies joining the initiative include Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde and Norauto.

“This is an important symbolic step in the evolution of payment methods in France. However, it is also more than a symbol, because what we provide for 25,000 sales points is the possibility of entering the world of Economy 3.0 safely,” said Stephane Djiane, CEO and founder of Global POS.

Technical Market Overview:

The BTC/USD pair is still trading below the nearest technical resistance located at the level of $9,046. Despite the bounce from the low at the level of $7,935 the market is starting to turn down again. The recent spike down is a part of the wave (C) development but it has not been completed yet, so there might be another low blow the level of $7,935. The nearest technical support is located at the level of $8,102 and $8,379.

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:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

The material has been provided by InstaForex Company –

Source:: Technical analysis of BTC/USD for 26/09/201

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