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Technical analysis of BTC/USD for Sept 3, 2019
Crypto Industry News:
According to a new media survey by FinancialExpress, high-income people in India are more likely to invest in Bitcoins than other cryptocurrencies. Digital currencies were the fourth most preferred total asset, although almost half of the respondents did not know what cryptocurrencies were.
Of those surveyed, about 10% said they intend to invest in cryptocurrency over the next three years. As a result, the digital currency has become the fourth most favorite asset class. Real estate is most often chosen, followed by shares and fixed income assets.
Of the respondents who knew cryptocurrencies, almost 30% said they prefer investing in Bitcoin. Another 9% prefer Ethereum as an investment, with 7% indicating a preference for XRP.
Indian authorities have turbulent ongoing relationships with cryptocurrency. The Indian Supreme Court no longer has patience with the Central Bank – it gave him only two weeks to justify the ban on cryptographic services that he introduced in July 2018.
Technical Market Overview:
The BTC/USD pair has broken above the technical resistance at the level of $10,222 and made a local high at the level of $10,445. The next target is seen at the level of $10,600 and the nearest technical support is seen at the level of $10,222 (old technical resistance). Please notice, that from the Elliott Wave theory point of view, the market is very close to terminate the wave Y of the corrective cycle in the wave 2, or this cycle had been completed already and the market is ready to resume the uptrend.
Weekly Pivot Points:
WR3 – $11,528
WR2 – $11,079
WR1 – $10,223
Weekly Pivot Point – $9,753
WS1 – $8,875
WS2 – $8,358
WS3 – $7,589
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 larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.
The material has been provided by InstaForex Company – www.instaforex.com
