Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 14 May 2020

Crypto Industry News:
JPMorgan Chase, the largest bank in the United States, reportedly accepted clients of the US cryptocurrency exchanges Coinbase and Gemini.

The media report quotes unknown sources apparently familiar with the matter, which emphasize that for the first time a banking giant has served clients from the cryptographic industry. Both accounts were accepted in April and transactions are beginning to be processed. JPMorgan Chase does not process Bitcoins or other cryptocurrency transactions on behalf of exchanges, but provides cash management services and supports US dollar transactions for US customers. According to reports, the bank will process all transfers and deposits and withdrawals in dollars via the Automated Clearing House network.

Sources say that both exchanges were asked to undergo a rigorous verification process, which indicates the long-standing reluctance of major banks to establish relationships with crypto-related companies.


Technical Market Outlook:
The BTC/USD has been seen moving up towards the 61% Fibonacci retracement located at the level of $9,249 and recently violated this level. The local high was made at the level of $9,381 and this is the level of local technical resistance as well. Any breakout higher will open the road towards the level of $9,704 and $10,000 again. Positive momentum supports the short-term bullish outlook for Bitcoin.

Weekly Pivot Points:
WR3 - $11,485
WR2 - $10,709
WR1 - $9,512

Weekly Pivot - $8,760
WS1 - $7,652
WS2 - $6,835
WS3 - $5,708


Trading Recommendations:
The recent rally in Bitcoin was made in anticipation of Bitcoin halving and it is a classic pump and dump scheme. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated.






Performed by Sebastian Seliga
Analytical expert
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