Technical analysis of BTC/USD for 29.05.2019

Crypto Industry News:

The new banking law developed for the Central Bank of Egypt (CBE) would require a license before the creation, advertising or servicing of platforms for the issue or trading of cryptocurrencies.

Referring to the official source remarks for the Egyptian MENA news agency, it was found that the bill, if adopted, would also authorize the CBE Board of Directors to define and issue trade and cryptocurrency rules in the country. The bill is supposedly keeping up with the development of fintech and the application of new technologies in the banking and financial services sectors.

Pending regulations and regulatory procedures that will be issued by the CBE Board of Directors, the new law will establish the legal status for electronic authentication of banking transactions, electronic payment orders and transfer orders, respectively. In addition, the law allegedly provides a legal basis for electronic settlements, issue and circulation of electronic checks, as well as electronic rebate orders, states the Independent.

Earlier this month, the National Bank of Egypt took part in a large international and interbank bank-ticketing system test using the Blockchain platform of the R3 consortium.

Technical Market Overview:

The BTC/USD pair is still trading 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. 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. The larger time frame trend remains up.

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