Technical analysis of BTC/USD for Sept 4, 2019

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Crypto Industry News:

The German version of the world-known fast food chain Burger King now accepts payments in Bitcoins on the website with deliveries and in the mobile application.

Bitcoin has recently appeared among payment options on the official German Burger King website and in its mobile application. It is not clear, however, whether Bitcoin is also accepted in physical Burger King restaurants in Germany, which have over 600 locations in this country.

According to the Crunchbase information website, Burger King currently operates in over 13,000 locations, serving over 11 million visitors daily in 98 countries around the world. The site also estimates the annual revenue of the fast-food giant will be $ 1.7 billion.

In the summer of 2017, Russian Burger King announced that it will start accepting payments in Bitcoins, and then introduced its own virtual currency Whoppercoin at the end of August. Also in 2017, Bitcoin was first accepted by another Burger King in Arnhem, a city in the Netherlands.

Technical Market Overview:

The BTC/USD pair has made a new local high at the level of $10,733 after the technical resistance at the level of $10,222 has been violated. The move-up is the biggest in terms of range so far, so it is quite possible that this is the wave (1) of the overall impulsive cycle up. Moreover, it means, the corrective cycle in wave 2 had been completed at the level of $9,231 and now the market resumes the uptrend. This scenario is valid as long as the level of $9,231 is not clearly violated. Anyway, now is time for a correction and the levels for the corrective pull-back are $10,222, $10,164, $9,999 and $9,820.

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 $9,231 invalidates the bullish impulsive scenario.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of BTC/USD for 04/09/2019

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