18.12.2019 09:49 AM
Technical analysis of BTC/USD for 18/12/2019:

Crypto Industry News:

Cryptocurrency entrepreneur John McAfee says he will stop promoting single coins to focus on his presidential campaign - despite the certainty that he will not win.

In a series of tweets starting on December 14, McAfee, which gained a lot of support from cryptocurrency users, argued that supporting individual projects in space took too much time. "I don't do cryptographic promotions anymore," one post summarized.

Elsewhere, McAfee wanted to notice that he was not completely withdrawing from cryptocurrency space:

"People are asking why I don't promote Blockchain anymore. My presidential campaign will start for good in January and I can't do both. I am not giving up cryptography in any way; just the task of promoting specific projects."

When asked for more information, the tycoon nevertheless expressed doubts about its non-cryptographic outlook. When asked if he felt he could win as a candidate in the US presidential election in 2020, he replied, "I have no chance."

Despite getting mixed reviews of cryptocurrency project support in the past, McAfee is probably best known for its outrageous Bitcoin price forecasts.

He infamously bet that the price of Bitcoin would exceed $ 1 million by the end of 2020 and said that if he made a mistake he would eat his own penis. During the last round on Twitter, McAfee said the bet was "absolutely" still valid.

Technical Market Overview:

The BTC/USD pair made another leg down that so far ended at the level of $6,488. There was another Pin Bar candlestick pattern made around the level of $7,133 and since then the bears are trying to take back the control over the market and are pushing the prices lower. The bearish pressure is increasing and more downside is to be expected, targeting the level of $6,466 (the November low) and below. The immediate technical resistance is seen at the level of $6,642.

Weekly Pivot Points:

WR3 - $8,020

WR2 - $7,786

WR1 - $7,335

Weekly Pivot - $7,151

WS1 - $6,714

WS2 - $6,500

WS3 - $6,073

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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.

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