05.11.201908:32 Forex Analysis & Reviews: Technical analysis of BTC/USD for 05/11/2019

Crypto Industry News:

France intends to introduce an educational module to its high school curriculum, which includes Bitcoin and cryptocurrencies.

The French Ministry of National Education has changed its curriculum to include the world's largest cryptocurrency. French teachers should lead an introductory course that will help students understand the impact of Bitcoin on the French and global economy.

The Ministry provides teachers with three educational videos that address questions such as: "Is Bitcoin the currency of the future?", "Can Bitcoin replace the euro?" And "Do you trust your currency?"

According to the ministry's draft, students will have to compare Bitcoin with fiat currency, which will ultimately lead to basic knowledge about Bitcoins, cryptocurrencies, and their role in the traditional financial world.

Because this is only an introductory course to Bitcoin, students will not leave the class as full-fledged cryptocurrency experts. However, teaching young students some of the issues related to Bitcoins and cryptocurrencies will provide them with the knowledge that becomes more and more relevant as cryptocurrencies become more and more common.

In France, a rapid increase in the popularity of cryptocurrencies is observed largely thanks to the French cryptographic startup Keplerk, which at the beginning of October re-launched its payment acceptance service in Bitcoin in more than 5,200 tobacco stores in France.

Technical Overview:

The BTC/USD pair is still locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925. The global investors wait for the next breakout, so the volatility might dry up for some time now.

Weekly Pivot Points:

WR3 - $10,530

WR2 - $10,201

WR1 - $9,572

Weekly Pivot - $9,189

WS1 - $8,589

WS2 - $8,251

WS3 - $7,587

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 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.

Exchange Rates 05.11.2019 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2022
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