Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 28 January 2020

Crypto Industry News:
Adena Friedman, CEO of Nasdaq, the world's second largest stock exchange, confirms that the platform is considering launching futures that would be based on Bitcoin (BTC). Apparently, talks are being held with a certain business partner.

In a recent interview the CEO of Nasdaq gave Bloomberg, she says

"We work with the industry and a great partner to see if this is right for us [move]. And I think we still evaluate it. We've talked to the industry to tell [its representatives] that this is something [special.] We already have two futures [based on] Bitcoin ... And if you're going to create a product, you want to make sure people use it and use it differently than [do it] today. In addition, we would have to self-certify as a futures exchange. We will use our NFX license for this, but we must ensure that we are fully prepared for it from the point of view of risk management. And these are two things we are still working on. "

Friedman also believes that cryptocurrencies need to be viewed from a broader perspective:

"I would say that in our opinion, digital currencies and cryptocurrencies will have an impact on the global economy. The question is whether they will mature into a state in which they are really used for [financial] transfers. But in the meantime, I think there is definitely a high demand for them and the opportunity to trade them. It's just a question of whether we can create a structure that is unique enough and different from what already exists. "

A positive Nasdaq decision on bitcoin futures would be a breakthrough. It is worth noting that the stock exchange is opening up to cryptocurrencies in installments. She has already started to show, for example, BTC and ETH quotations.


Technical Market Overview:
The BTC/USD pair continues to move higher after the bounce from 38% Fibonacci retracement. The bulls have managed to push the price towards the level of $9,090 at the time of writing the analysis, but the target seems to be little higher, at the level of $9,130. If, however, this technical resistnace is violated as well, then the next target for bulls is seen at the level of $9,513. The strong and positive momentum supports the short-term bullish outlook.

Weekly Pivot Points:
WR3 - $9,339
WR2 - $9,028
WR1 - $8,796

Weekly Pivot - $8,458
WS1 - $8,222
WS2 - $7,890
WS3 - $7,647


Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $6,345, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.







Performed by Sebastian Seliga
Analytical expert
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