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

Crypto Industry News:

Amazon wants to hire a software development engineer to develop the Blockchain advertising chain. The company published a job offer for a software development engineer on LinkedIn who is to work on a new solution. The online retail giant aims to expand its advertising business through the use of online retail data, industry-leading cloud services, and a rapidly growing startup culture.

The role of the selected engineer will be to analyze requirements, conduct design, implement basic components, cooperate with engineers and program managers. The position will also be responsible for operational support and system maintenance.

In addition, the engineer "will also be able to define the technical and architectural plan of systems' operation". The company has noted that it prefers candidates with experience in advertising, financial technology, and Blockchain.

Technical Market Overview:

The BTC/USD pair has made a new high at the level of $12,269 and then the Bearish Engulfing candlestick pattern was made, which made the price to reverse towards the level of $11,068. This technical support level has almost been hit, but the price has bounced again. From the Elliott wave point of view, it looks like the wave 1 might have been completed already and now the market is unfolding corrective wave 2. Wave 2 might be a more complex and time-consuming corrective pattern, so it is worth to keep an eye on the ongoing developments. So far all the moves up and down had been made in three waves only.

Weekly Pivot Points:

WR3 - $13,750

WR2 - $12,333

WR1 - $11,817

Weekly Pivot - $10,382

WS1 - $9,882

WS2 - $8,441

WS3 - $7,9485

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

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