Technical analysis of BTC/USD for 02/07/2019:

Crypto Industry News:

Bitcoin was profitable as an investment for 98.2% of the days since its creation. Counting 3,830 days back - until January 4, 2009, the day after Block Genesis was hacked - holdcalc data suggests that for 3671 of them it was profitable to buy Bitcoin as an investor.

This leaves 69 unprofitable days - which cover virtually all days in December 2017, at the top of the historic Bitcoin run to $ 20,000 - and almost the entire January 2018.

The latest collection of unprofitable days recorded in the data takes place at the end of last month - between June 25 and June 29, 2019 - when the coin was sold between $ 11,170 and $ 12,907.

Parallel to the ongoing statistics, the analysis of the cryptocurrency market published by twitter handle CL on 24 June suggests that Bitcoin entered the so-called "The phase of hiding" of his renewed run of the bull.

The study begins by noting that the largest coin has exceeded both the 50-week and 50-day moving average, and analyzes the realized value of Bitcoin - a metric that was reported for the first time proposed by the researcher Coin Metrics. The realized value, according to the survey, is the weighted upper limit of the UTXO market for BTC - i.e. a measure of the value of all coins in circulation at the price at which they were recently traded.

The survey proves that the general public has failed to assess the current price increase, given that the number of Google searches for "Bitcoin" is so big today, with over $ 10,000, as in 2013, when Bitcoin had only $ 1,000. " .

Technical Overview:

The BTC/USD has made another wave lower and is currently testing the technical support located at the level of $9,827. So far there are no signs of any trend resumption and the overall wave progression is still corrective in nature. The waves A and B had been completed and now the market is unfolding wave C. Please notice this is still the uptrend and the current correction is the local correction in the uptrend.

Weekly Pivot Points:

WR3 - $16,315

WR2 - $14,938

WR1 - $12,895

Weekly Pivot - $11,624

WS1 - $9,683

WS2 - $8,320

WS1 - $6,345

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larget correction is just around the corner, as all the major impulsive waves have been completed.

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