Technical analysis of BTC/USD for 08/07/2019:

Crypto Industry News:

Recent research by Chainanalysis suggests that the number of Bitcoins spent on illegal transactions this year could reach a record high of $ 1 billion, even though the ratio of illegal to legal transactions is shrinking, according to the Bloomberg report.

According to the report, the total Bitcoin value spent on illegal activities up to now this year is expected to be 515 million dollars. Research suggests that by the end of the year this figure will double, reaching 1 billion dollars. However, the amount of Bitcoins spent on illegal services, in contrast to legal ones, falls. Chananalysis director Hannah Curtis says only 1% of Bitcoin's activity this year is an illegal activity that fell from 7% in 2012.

According to the report, 515 million dollars spent on illegal activities were used in transactions in the dark web: internet subsection, which does not appear in search engines (eg Google). The largest illegal dark web market for publishing Bitcoins is called "Hydra". Bitcoin is apparently the leading cryptocurrency in such markets, and according to the report, Monero is in second place. Often these markets deal with the distribution of drugs and/or illegal pornography.

In April, two men standing behind the web site on the dark web - NextDayGear - admitted to selling steroids and controlled substances and for money laundering. The site apparently offered injectable steroids and oral steroids, as well as Xanax, Valium, and Viagra as a means to stop unwanted side effects.

Technical Market Overview:

The BTCU/USD pair has bounced from the 50% Fibonacci retracement and slowly is getting higher. The next target for bulls is seen at the level of $12,005 and this is the key lever for bulls right now. The ABC correction seems to be completed now and the market might be ready for another wave up.

Weekly Pivot Points:

WR3 - $14,886

WR2 - $13,428

WR1 - $12,616

Weekly Pivot - $11,119

WS1 - $10,237

WS2 - $8,716

WS3 - $7,123

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 larger ABC correction might have been completed and the market might be ready for another impulsive wave up.


The material has been provided by InstaForex Company -