MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of BTC/USD for 25/10/2019

Crypto Industry News:

Kryptoin Investment Advisors based in Delaware has applied to the American Securities and Exchange Commission (SEC) for the launch of a Bitcoin ETF.

According to the filing document published by the SEC, Bitcoin ETF Trust is to be traded on the Arca New York Stock Exchange. This product has been designed to:

"[...] provide Bitcoin exposure at a price that reflects the actual Bitcoin market, where investors can buy and sell Bitcoins, fewer expenses related to Trust," we read.

The company plans to hold Bitcoin and value trust shares in accordance with the Chicago Mercantile Exchange Bitcoin reference rate. The cryptocurrency will be kept by an indefinite insured trustee, who is also regulated by the Investment Advisors Act of 1940.

The SEC documentation also states that Trust will store Bitcoins "to ensure that the Trust stock price reflects the actual Bitcoin market." However, the Trust will not buy or sell Bitcoins directly, but will instead purchase them through actions called "baskets".

Another noteworthy detail is that the head of the Crypto-listed product is Jason Toussaint, former managing director of the World Gold Council and former asset manager of SPDR Gold Shares, one of the largest gold ETFs in the world.

Meanwhile, the race to launch the first regulated Bitcoin ETF is becoming more and more competitive. Earlier this month, documents revealed that the Wilshire Phoenix Fund had updated its own Bitcoin ETF offer to the SEC. Also this month, Bitwise's asset manager with NYSE Arca confirmed his intention to re-apply for an ETF after the last rejection by the SEC.

Technical Market Overview:

The BTC/USD pair is testing the technical resistance located at the level of $7,464 after the sudden drop towards the level of $7,232. The bounce from that level is shallow and clearly corrective in nature, so the short-term downtrend might resume soon again. Nevertheless, in the case of a breakout higher, the next target for bulls is seen at the level of $7,672, which was the previous low of the wave (A).

Weekly Pivot Points:

WR3 - $9,074

WR2 - $8,707

WR1 - $8,444

Weekly Pivot - $8,103

WS1 - $7,849

WS2 - $7,474

WS3 - $7,245

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.

analytics5db28e19d7862.jpg

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