Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 03 October 2019

Crypto Industry News:
One of the main providers of payment services in cryptocurrencies, BitPay, has been subjected to a check on compliance with the principles of security and confidentiality, Service Service Control 2 (SOC 2).

According to the published press release, Aprio consulting company confirmed the compliance of BitPay with SOC 2 - it is a technological audit and a requirement for technology companies that ensures that clients' personal data is secure and confidential.

Passing the SOC 2 audit means that the company has met the criteria set by the American Institute of Certified Public Accountants in terms of confidentiality, security, privacy, processing integrity and availability. Commenting on the assessment, Dan Schroeder, the partner responsible for information control services at Aprio, said:

"After careful analysis, we confirmed that the design and use of the BitPay payment system meet the standards set out in SOC 2 in the field of customer data protection. SOC 2 reporting is a standard of best industry practices that assesses the company's control on issues such as transaction security and other confidential customer data ".

In mid-August, BitPay introduced new security measures on its platform, where users must undergo a one-time verification process that requires entering data such as a social security number or passport number, as well as photo ID. These measures have met with some skepticism, given the resistance that many members of the cryptocurrency community have to locate their personal data in centralized files.


Technical Market Overview:
The BTC/USD pair has failed to rally above the level of $8,474, which is a technical resistance for the price. The bears has pushed the price back to the range zone and the technical support at the level of $8,102 has been tested again. There is still a chance for the wave (C) terminated already, but if the bears will keep making pressure on bulls then the price might reverse and target the level of $7,419. The upward momentum is decreasing, so are the chances for another leg higher, which is why it is worth to keep an eye on the current situation on Bitcoin.

Weekly Pivot Points:
WR3 - $11,446
WR2 - $10,627
WR1 - $9,093

Weekly Pivot - $8,403
WS1 - $6,727
WS2 - $6,011
WS3 - $4,444


Trading Recommendations:
Due to the short-term impulsive scenario invalidation, 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.







Performed by Sebastian Seliga
Analytical expert
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