Technical analysis of Bitcoin for 17/05/2019:

Crypto Industry News:

The creation of regulations for cryptocurrencies is not a priority for the Russian government, because cryptocurrencies have lost their popularity, the Russian prime minister recently argued. Prime Minister Dmitry Medvedev's comments have been reported by the Russian news agency Fontanka.

According to Medvedev, cryptocurrencies are no longer so interesting to the population, which reduces the need to adopt cryptographic regulations:

"The current popularity of cryptocurrencies has decreased, which makes the problem of regulation no longer so important"- He said.

Speaking at the annual international forum, Medvedev noted that this problem was widely discussed in the previous forum in May 2018, when he called on the government to establish at least some basic cryptographic terms. While the buzz around the Bitcoins has dropped, there is still a chance that the cryptographic markets will come alive, the Prime Minister has reportedly summed up.

This news appeared in the first major growth of crypto markets in 2019, when Bitcoin increased from an average threshold of $ 4,000 to over $ 8,000 in 45 days, starting from April 1.

Technical Market Overview:

The BTC/USD pair has completed the wave 1 at the level of $8,309 and has started the corrective cycle. So fat the first wave of the correction has made a local low at the level of $6,989, but it does not look like the whole corrective cycle is now completed. The nearest target for the bears is seen at the level of $6,821 and the hit of this level should complete the wave A of the correction.

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 $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.

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The material has been provided by InstaForex Company - www.instaforex.com