Technical analysis of Bitcoin for 10/06/2019:

Crypto Industry News:

Bitcoin analyst Oliver Isaacs believes that at the end of 2019, the currency will reach $ 25,000, according to a publication in the financial media: "There are many factors driving the recent rebirth. There are geopolitical, technological and regulatory factors. The net effect of the trade war between the US and China has led to sudden interest in Bitcoin as security for investment"- Isaacs said.

Tim Draper likewise commented on the state of major adoption trends when corporate giants such as Microsoft, Amazon, Starbucks, and Whole Foods are already accepting crypto payments. Investor Tim Draper believes that mainstream adoption will take place over the next few years. It goes so far as to claim that Bitcoin will reach $ 250,000 by 2023: "I think that when you go to Starbucks to buy a cup of coffee trying to pay with dollars, they will laugh at you because you do not use Bitcoins or another cryptocurrency [...] It will be like an old lady who pays finely"- Draper says.

SFOX analysts were more pessimistic, calling the perspective of the "uncertain" crypto market and warning that the recent rise of Bitcoin could have been a simple FOMO (Fear Of Missing Out). They also pointed to the ongoing US trade war with China as the cause of the Bitcoin value jump last month.

Technical Market Overview:

The BTC/USD pair moved lower during the weekend as the battle for the technical resistance level located at $8.102 was won by bears and this side of the market has pushed the prices back towards the recent technical support level at $7,48. The good news is the downward momentum was not that strong and it was decreasing as the price moved lower, so there is a chance for a test of the support level and a strong bounce. On the other hand, any violation of the level of $7,405 will lead to the sell-off towards the level of $6,986.

Weekly Pivot Points:

WR3 - $9,578

WR2 - $9,128

WR1 - $8,319

Weekly Pivot Point: $7,869

WS1 - $7,020

WS2 - $6,556

WS3 - $5,664

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.


The material has been provided by InstaForex Company -