Technical analysis of Bitcoin for 16/05/2019:
May 16, 2019 7:21 amVideo
Latest News
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
Crypto Industry News:
The US Securities and Exchange Commission (SEC) has delayed its decision regarding the EFT Bitwise Asset Management fund provider. The information was provided in a document published by the SEC.
In a recent application, the SEC revealed that it had delayed the decision to approve or reject the Bitwise ETF and also demanded public comment from interested parties. In this context, the Commission invites interested parties to provide written comments on their views, data, and arguments regarding the issues identified above, as well as any other concerns they may have about the proposal.
Bitwise initially submitted an application for ETF in February, provided that the SEC will make its decision within 45 days. The ETF bitcoin fund proposed by the company is reportedly different from the other ones previously proposed because it collects prices from various crypto exchanges in order to better represent the market.
In its original application, Bitwise explicitly states that its ETF would require supervised external trustees to store physical Bitcoin.
Technical Market Overview:
The BTC/USD pair has made another marginal swing high at the level of $8,309 and it was labeled as the top of the wave 5 of the lower degree and the possible top for the wave 1 of the larger degree as well. It means the maker might start the corrective cycle any time soon and the first clue is the visible bearish divergence between the momentum and the price at the H4 time frame chart. The next target is seen at the technical support at the level of $7,617.
Weekly Pivot Points:
WR3 – $9,616
WR2 – $8,405
WR1 – $7,809
Weekly Pivot – $6,737
WS1 – $6.172
WS2 – $5,060
WS3 – $4,504
Trading Recommendations:
The market is moving down after the rally, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. The target is seen at the level of $7,617, but any violation of the technical support at the level of $7,412 will accelerate the sell-off towards the next technical support at the level of $6,821. The larger time frame trend remains bullish, so in the longer term, it is better to have a buy position on Bitcoin and open the sell positions only in the lower time-frames like H1 or H4.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: