Technical analysis of BTC/USD for 13/09/2019

Crypto Industry News:

The Finnish peer-to-peer cryptographic exchange, LocalBitcoins, warns users of the alleged security threat associated with the Tor Browser anonymous browser.

Transactional compliance expert Richard Bensberg posted on Twitter a screenshot of the LocalBitcoins banner warning Tor users of the risk of losing Bitcoins.

"Warning to all Tor users: The Tor browser puts you at risk of Bitcoin theft" - we read.

LocalBitcoins then responded to Bensberg, saying that while using the Tor browser does not conflict with the terms of service, it is not recommended to use it for security reasons. LocalBitcoins did not specify why the browser makes users more vulnerable to theft.

Bensberg criticized the move, claiming that Localbitcoins "really lost the thread," placing a banner warning of a browsing tool praised for ensuring privacy and anonymity.

Technical Market Overview:

The BTC/USD pair has completed the wave (2) at the level of $9,809 and bounced to the level of 50% of the Fibonacci retracement located at the level of $10,340. The momentum is increasing, so the next target is seen at the level of 61% located at $10,469. On the other hand, the nearest technical support is seen at the level of $9,704 - $9,645, but in a case of a breakout higher, the nearest target for bulls is seen at the level of $10,331 and $10,481.

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.


The material has been provided by InstaForex Company -