Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 24 October 2019

Crypto Industry News:
The Opera web browser now allows you to make payments usingac Bitcoin directly in your browser.

The company announced this information in a press release saying that 350 million Opera users can now send and receive Bitcoins directly from the browser, and also use cryptocurrency to buy goods and services on e-commerce sites.

In addition, the browser now allows you to add a Bitcoin and TRON card to the built-in cryptocurrency wallet to track your cryptocurrency. Charles Hamel, head of Opera cryptography, commented on the introduction of a new feature:

'We believe that opening our browser to a larger number of Blockchain chains, including Bitcoin, is the logical next step to make our solution more suitable for anyone who has a Bitcoin cryptocurrency wallet and would like to operate their cryptocurrencies except just keeping them in their account" -he said.


Technical Market Overview:
The BTC/USD pair has broken below all key technical supports located at the levels of $7,892 and $7,707. The bears have total control over the market and more downside is very likely to come soon. The next target for bears is seen at the level of $7,231, which is the 61% of the Fibonacci retracement of the whole swing up. This might be a key level for bulls as well, because they will definitely defend this retracement. The nearest technical resistance is seen at the level of $7,538.

Weekly Pivot Points:
WR3 - $9,074
WR2 - $8,707
WR1 - $8,444

Weekly Pivot - $8,103
WS1 - $7,849
WS2 - $7,474
WS3 - $7,245


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
InstaForex Group © 2007-2019

[IFX_Selena]

BTC 10.24.2019 - Watch for selling opporutnities on the rally, nerw momneutm down on the MACD oscillator in the background

Bitcoin has been trading sideways at the price of 7.475 in the recent, 24 hours. I still expect more downside and potential of 6.610 in the next period but would wait for upward correction first.



Green rectangle – Resistance and good sell zone

Blue horizontal line – Support line and downward objective

MACD is showing us strong new downside momentum in the background and I expect more downside after the bullish correction. Resistance level is found 7.780 and support level at 6.610.

Bollinger band middle line(resistance line) is set at 7.853




Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2019