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Technical analysis of Bitcoin for 30.04.2019:

Crypto Industry News:

Taiwanese giant from the consumer electronics industry, HTC, revealed plans to launch a second-generation smartphone based on Blockchain technology before the end of 2019.

According to the head of the decentralized HTC Phil Chen, this move aims to increase sales of smartphones and expand the company's Blockchain ecosystem. As previously reported, HTC for the first time revealed plans for its smartphone oriented to Blockchain, called the "Exodus", in the spring of 2018, which he implemented for sale in the same year.

Chen revealed that the sales results of the first generation Exodus phone met the company's expectations, noting that in addition to Bitcoin and Ether users, the demand for this product significantly increased new startups dealing with cryptography.

Technical Market Overview:

The BTC/USD pair has bounced from the level of $5,347 to the level of $5,482, just below the technical resistance. The pair is still trading below the orange trendline which is providing the dynamic resistance around the level of $5,480. From the Elliott Wave point of view, the recent drop was a wave (a) of the corrective cycle and now the market is unfolding wave (b), so there is still wave (c) missing anyway.

Weekly Pivots:

WR3 - $6,630

WR2 - $5,993

WR1 - $5,751

Weekly Pivot: $5,379

WS1 - $5,117

WS2 - $4,744

WS3 - $4,481

Trading recommendations:

The level of the recent high at $5,500 is a good level to enter a short term sell position with a target at the level of $5,348 or even below ( it all depends on the form of the corrective cycle in wave (c)). The longer-term outlook is still bullish, but currently, the market entered a corrective cycle.


The material has been provided by InstaForex Company -