Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 17 December 2019

Crypto Industry News:
The Shenzhen Bao'An District Court in China ruled to freeze assets worth approximately $ 676,000 belonging to the Bitmain subsidiary, the Bitcoin mining giant.

According to a lawsuit, the Shenzhen BaoAn District Court ordered the freezing of 4,717,710.68 yuan ($ 676,000), a 100% Bitmain subsidiary of Shenzhen Century Cloud Core. This ruling is a follow-up to the application made by the electronic components manufacturer Dongguan Yongjiang Electronics.

Dongguan Yongjiang asked the court to freeze measures to ensure that a commercial contract dispute could be investigated if the court decided in favor of the company. According to the application, Shenzhen Century Cloud Core has the right to appeal the decision.

Recently, Shenzhen police have approached the founder of the Bitcoin mining platform MicroBT, Zuoxing Yang, to investigate him in connection with allegations of intellectual property infringement regarding Bitmain technology.

Yang had previously worked at Bitmain as a processor design director and developed the Antminer S7 and S9 flagship mining kit. In 2017, Bitmain sued the company for alleged patent infringement. However, Yang's lawyers successfully appealed for the patent to be revoked the following year.


Technical Market Overview:
The BTC/USD pair spied down towards the next technical support located at the level of $6,789 (low was at the level of $6,760). There was another Pin Bar candlestick pattern made around the level of $7,133 during the weekend and since then the bears are trying to take back the control over the market and are pushing the prices lower. If the level of $6,760 is violated again, then the next target for bears is seen at the level of $6,642. The immediate technical resistance is seen at the level of $6,946.

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.






Performed by Sebastian Seliga
Analytical expert
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