Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD on 27 February 2020

Crypto Industry News:
The fourth richest person in the world discussed his experience with Bitcoin after raising money. Justin Sun, CEO of the Throne and longtime cryptocurrency supporter was present.

In May 2019, they both met others at a fundraiser for the Glide Foundation, a charity that helps homeless people in San Francisco. Speaking like a billionaire to billionaire, young Sun suggested to seasoned Warren to consider investing in cryptocurrencies.

However, when asked if Sun gave him Bitcoins after the exchange, Buffett replied:

"I don't have any cryptocurrency. I will never do it ... You can't do it except to sell it to someone else. Cryptocurrencies basically have no value."

He also commented on the fact that cryptocurrency is related to money laundering and terrorism:

Bitcoin was used to illegally transfer a large amount of money, "he said.

Buffett made the most of his assets on hedge funds and insurance. His assets are estimated at USD 88.9 billion.

Bitcoin has seen large investments from both millionaires and billionaires, but as Warren showed, some who have made a fortune using more traditional means are reluctant to accept cryptocurrencies. Mark Cuban, a billionaire who gained fame in the dot-com bubble, said he would rather have "bananas" rather than Bitcoin.

On the other hand, several success stories have appeared. Tyler and Cameron Winklevoss may not have grabbed the benefits of Facebook, but after the Gemini cryptographic exchange was founded, they both have total assets of over $ 1.4 billion.


Technical Market Outlook:
The BTC/USD pair has made another lower low at the level of $8,495. Currently, the BTC/USD is trading below the support located at the level of $9,123 and the momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $8,405. The corrective cycle is getting deeper as the coronavirus fears affect all financial markets.

Weekly Pivot Points:
WR3 - $11,253
WR2 - $10,744
WR1 - $10,274

Weekly Pivot - $9,742
WS1 - $9,288
WS2 - $8,756
WS3 - $8,263


Trading recommendations:
The market might have made the first impulsive wave up of a higher degree. 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 $10,433 is clearly broken.








Performed by Sebastian Seliga
Analytical expert
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