Technical analysis of BTC/USD for 10/09/2019

Crypto Industry News:

Twitter and Square CEO Jack Dorsey said he had no plans for cryptocurrency "Twitcoin", noting that he would instead focus on promoting Bitcoin.

According to the Australian news magazine, Dorsey is confident that Bitcoin is still the most likely candidate for being a native internet currency.

"I think that open internet standards serve every person better than those controlled or established by companies," he said.

Dorsey visited Melbourne to take part in the launch of Square Terminal, a new hardware device at points of sale that is intended as an alternative to those provided by banks. He also expressed his views on banks and the economy in general:

"Control, power and practices of banks are a global phenomenon, but I think this is particularly acute in Australia. [...] We are always entering a recession and always getting out of one, and anyone who expresses an opinion on this subject is cheating on himself. [ ...] There is no one on this planet who understands the global economy" he said.

Dorsey also noted that he is not considering the idea of following Libra from Facebook and the crypto release on Twitter, and that he prefers to use existing open standards such as Bitcoin.

Technical Market Overview:

The BTC/USD pair has completed the impulsive wave 1 to the upside and currently, the market is in the corrective cycle that might extend lower. The price has hit the 50% of the Fibonacci retracement already at the level of $10,074, so the next target is seen at the level of 61% Fibonacci at $9,882. Those two targets are high-probability level for the wave 2 to terminate and to start the wave 3 to the upside.

Weekly Pivot Points:

WR3 - $12,244

WR2 - $11,525

WR1 - $10,919

Weekly Pivot - $10,260

WS1 - $9,607

WS2 - $8,906

WS3 - $8,306

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 wave 2 corrective cycles is about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.

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