Technical analysis of BTC/USD for 28.05.2019

Crypto Industry News:

The new cryptographic exchange platform, in which Yahoo Japan owns a large share, will be launched after more than a year of development.

A new platform, called Taotao, announced on Twitter on Sunday that it will be launched on Thursday, May 30 at noon local time. According to the exchange website, Taotao will offer a mobile application next to its internet platform and will offer Bitcoin and Ethereum trading at the time of launch. The company will also provide leverage to interested traders, adding three additional cryptos to the available options: XRP, Litecoina and Bitcoin Cash.

Taotao is regulated as a virtual currency exchange company within the Financial Services Agency. This early registration takes place through the agency's previous BitARG authorized agency, in which Yahoo Japan has bought a 40% stake in March. During this time Nikkei Asian Review announced that Yahoo Japan has taken part in the creation of a new platform using BitARG technology.

Technical Market Overview:

The BTC/USD pair has been consolidating the recent gains in a narrow zone between the levels of $8,919 - $8,621. According to the present Elliott Wave scenario, this is the consolidation during the wave 4 of the overall wave progression. It means there is still one more wave to the upside to be made, wave 5. The larger time frame trend remains up. On the shorter timeframes, please keep an eye at the level of $8,241 as any violation of this level will invalidate the current impulsive scenario.

Weekly Pivot Points:

WR3 - $10467

WR2 - $9524

WR1 - $9190

Weekly Pivot - $8239

WS1 - $7860

WS2 - $6970

WS3 - $6557

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical support at the level of $8,241 as any breakout below this level invalidated the impulsive scenario.

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