empty
 
 
12.09.2019 08:06 AM
Technical analysis of BTC/USD for 12/09/2019

Crypto Industry News:

Jay Clayton, chairman of the US Securities and Exchange Commission (SEC), gave information in a television interview about the regulator's latest approach to Bitcoin ETFs.

In an interview, the President of the SEC stated that while significant steps were taken to address regulatory problems in relation to the investment fund, "work remains to be done".

"Given that they are traded on largely unregulated exchanges [...] how can we be sure that these prices are not subject to significant manipulation? Now we are making progress, but people had to answer these difficult questions to be sure that this is the right kind of product, "he said.

Clayton mentioned earlier that the commission was working to make Bitcoin ETF an option for US investors, but highlighted the need for security on regulated markets, saying:

"We do it, but there are a few things we need to feel comfortable with. The first is trust: trust has long been a requirement in our markets, and if you say you have something, you really do have it," he said finally.

Technical Market Overview:

Despite the fact, that the typical target level for correction was hit (61% Fibonacci at $9,882), the BTC/USD pair is still trading below the short-term trendline resistance and the bounce from $9,882 was rather shallow. It might suggest, that the corrective cycle has not been completed yet and there is more downside to come. The next technical support is seen at the level of $9,704 - $9,645, but in a case of a breakout higher, the nearest target for bulls is seen at the level of $10,331 and $10,481.

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.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback