Technical analysis of BTC/USD for 11/10/2019

Crypto Industry News:

Bitwise Asset Management and NYSE Arca after the US regulatory authorities rejected the Bitcoin ETF fund, confirmed that they would resubmit it. According to the published press release, the companies said that while the US Securities and Exchange Commission (SEC) rejected the ETF application, they are happy about the progress.

The verdict on the ETF Bitwise proposal had many delays before the final decision that was made this week - the SEC had no choice under the laws and had to make it.

"We greatly appreciate the careful review of the SEC. The detailed feedback they provided provides a critical context and a clear path for ETF applicants to continue working on listing Bitcoin ETFs. [...] We look forward to further productive cooperation with the SEC to address their remaining concerns and we are going to resubmit the application as soon as it is appropriate "- we read.

Bitcoin markets, when news came about the last rejection of the application, remained stable. Earlier, Bitwise was particularly convinced that the application could be considered positive this time. "We're closer than ever to get Bitcoin ETF approval," Matt Hougan told major media on October 7.

Nevertheless, more than a year's dialogue with regulators was not for nothing, says the company, concluding:

"Although we have not been able to dispel SEC's concerns as part of the statutory 240-day review period that these reports provide, and although they have identified the need for additional data and context to interpret our key findings, we are pleased with the industry's progress and believe that thanks to additional research and further progress in the wider ecosystem, remaining concerns will be dispelled. "

In September, another ETF proposal, this time from VanEck and SolidX, was withdrawn by sponsors. At the same time, the SEC delayed its ruling on Wilshire Phoenix's third bid.

Technical Market Overview:

The BTC/USD pair has hit 38% of the Fibonacci retracement of the last wave down located at the level of $8,671 and reversed immediately. Despite the fact, that the new local high was made at the level of $8,759, the momentum is clearly decreasing, so if this will be the impulsive wave upward, then the low located at the level of $7,676 will be confirmed as the bottom for the wave (c) of wave (A) and the market will develop the wave (B) of the overall corrective move. Currently, the bears are preparing to test the technical support at the level of $8,282 and if this level is violated then the next support is located at the level of $8,102.

Weekly Pivot Points:

WR3 - $9,064

WR2 - $8,729

WR1 - $8,221

Weekly Pivot - $7,955

WS1 - $7,433

WS2 - $7,138

WS3 - $6,572

Trading recommendations:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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