Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 01 August 2019

Crypto Industry News:
The Monetary Authority of Singapore (MAS) has flagged an online scam offering Bitcoin.

On July 31, the Singapore Central Bank and the Financial Supervisory Authority issued an official warning stating that the agency had become aware of a website that invited Internet users to invest in Bitcoin through an article containing falsified information.

According to MAS, the scam website refers to fabricated statements falsely attributed to Goh Chok Tong, a local politician who in 1990-2004 was the second prime minister of Singapore. The statements were "either false or removed from the context and used in a misleading manner" - noted the regulator.

As reported by MAS, the name of the former prime minister was used to persuade people to pay at least $ 250 to a trading platform called Bitcoin Loophole, which claims to perform automated transactions on behalf of users. The platform also demanded credit card or bank account details, the regulator added, recommending the public to exercise special care and avoid sending any information to website owners.

In January 2019, the MAS issued a warning against many fake websites claiming that the Singapore Government officially accepts cryptocurrencies. As in this new case, the fraudulent program was distributed via various websites and offered opportunities to invest in the crypto using false information.


Technical Market Overview:
The BTC/USD pair has broken the short-term trendline resistance and almost tested the technical resistance located at the level of $10,166. After the Shooting-Star candlestick pattern was made at the level of $10,109, the market reversed slightly and is currently trading around the level of $9,850. In order to continue the breakout, the bulls have to move higher towards the level of $10,166 and then towards the level of $10,636.

Weekly Pivot Points:
WR3 - $11,468
WR2 - $11,040
WR1 - $10,062

Weekly Pivot - $9,661
WS1 - $8,704
WS2 - $8,287
WS3 - $7,289


Trading recommendations:
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 being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.






Performed by Sebastian Seliga
Analytical expert
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