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 October 16, 2020

Crypto Industry News:

According to data published by Chain.info, approximately 10.6% of the bitcoin supply currently in circulation is in the hands of just five centralized exchanges.

More than 1.96 million BTC is currently between the major exchanges Coinbase, Huobi, Binance, OKEx and Kraken.

Probably thanks to fiduciary services, Coinbase has by far the most, 944,904 BTC scattered around 4.39 million different wallet addresses.

Huobi ranks second with 323,665 BTC stored in approximately 901,600 unique wallets, followed by Binance with 289,961 BTC for nearly 2.7 million addresses. OKEx has 276,184 BTC in 339,000 wallets, while Kraken has 126,510 Bitcoins at 672,000 addresses.

The next seven exchanges in the list include - Bitflyer, BIttrex, Bitfinex, Poloniex, Coincheck, Gate.io and Bitstamp. They keep another 210,000 Bitcoins among themselves.

The data shows that many users still prefer to accept the risk of holding a significant portion of their assets on centralized exchanges, all despite the cryptocurrency's fundamental ethos of decentralization and the mantra-repeated slogan "not your keys, not your Bitcoin."

The percentage of the supply of BTC stored on five centralized exchanges may actually exceed 10%. Chainalysis estimates 3.7 million BTC, which has not changed in over five years, is likely to be lost. If this is true, then almost 15% of Bitcoin resources are currently stored on five centralized platforms.

Technical Market Outlook:

The bears took temporary control over the market and push BTC/USD back towards the technical support located at $11,223. Since then the BTC/USD pair has been consolidating in the narrow zone located between the levels of $11,439 - $11,250, still below the supply zone. Please notice, Bitcoin is now trying to enter the supply zone located between the levels of $11,646 - $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

Weekly Pivot Points:

WR3 - $12,712

WR2 - $12,078

WR1 - $11,737

Weekly Pivot - $11,125

WS1 - $10,786

WS2 - $10,156

WS3 - $9,820

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

analytics5f8933415ed7d.jpg

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