Technical analysis of BTC/USD for Sept 9, 2019

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Crypto Industry News:

Well-known emerging market investor Mark Mobius believes that Bitcoin must be backed by gold to have any value.

In a TV interview, Mobius expressed concerns about the risks associated with cryptocurrencies and Blockchain technology. When the interviewer asked if Mobius believes that Bitcoin has innate value, the famous investor avoided directly answering this question, arguing that the world really needs a cryptocurrency that would be supported by gold.

“If there is a cryptocurrency that is really backed by gold – and that means there is a significant deal and something modern like that – then it can be quite interesting,” says Mobius.

The interviewer noted that there is no fiat currency secured with gold while asking the question of why any crypto must have the same support, Mobius admitted that the key in this matter is the issue of faith. Mobius explained that there is a whole generation of people who believe in the Internet as well as for cryptocurrencies, and “that’s enough.”

“The reason people believe in the US dollar is that they believe that with dollars in their hands they can buy something. So there is a degree where if a cryptocurrency can let you buy something and you think it is, then it’s okay “- he added.

Repeating his recent statements that it is a matter of faith whether people believe in Bitcoin or any other crypto, the investment veteran has still stressed industry concerns, arguing that people will soon begin to realize that cryptocurrencies are very risky.

What’s more, Blockchain technology is also a serious risk, Mobius noted, stating that Blockchain can be hacked, just like all human-made technologies, despite its immutability.

Technical Market Overview:

The BTC/USD pair has completed the impulsive wave 1 to the upside and currently, the market is in the corrective cycle that might extend lower. The first target is seen at the level of $10,074, which is a 50% Fibonacci retracement of the last wave up, and the next target is seen at the level of 61% Fibonacci at $9,882. Those two targets are high-probability level for the wave 2 to terminate and to start the wave 3 to the upside.

Weekly Pivot Points:

WR3 – $12,244

WR2 – $11,525

WR1 – $10,919

Weekly Pivot – $10,260

WS1 – $9,607

WS2 – $8,906

WS3 – $8,306

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 is 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 09/09/2019

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