Technical analysis of BTC/USD for 11/09/2019

Crypto Industry News:

Facebook’s Stablecoin, Libra, must meet the highest anti-money laundering (AML) and terrorist financing standards, as stated by Undersecretary of the Treasury Ministry of Terrorism and Financial Intelligence, Sigal Mandelker.

According to the publication, Sigal Mandelker told reporters in Geneva that every cryptocurrency – including Libra – operating in the United States must meet local regulatory standards.

Financial regulators around the world have concerns about Libra, and key European Central Bank official, Yves Mersch, recently said that Facebook’s stablecoin is “captivating but treacherous” at an ECB legal conference.

A delegation of US regulators visited Switzerland, where Libra is based to investigate the project and meet with local regulators. The visit, however, did not alleviate the fears of US regulators.

Facebook is also trying to influence US regulators by increasing lobbying efforts by employing a lobbying company at the end of August, followed by two more lobbyists.

Interestingly, Mark Carney, Governor of the Bank of England, gave a more original opinion when he suggested the transformation of the global financial system by replacing the US dollar with a digital currency similar to Facebook Libra.

Technical Market Overview:

The BTC/USD pair has hit the 61% Fibonacci retracement located at the level of $9,882 during the expansion of the corrective cycle in the wave 2 of a higher degree. Despite the fact, that the typical target level for correction was hit, the market is still trading below the short-term trendline resistance and the bounce from $9,882 was rather shallow. It might suggest, that the corrective cycle has not been completed yet and there is more downside to come. The next technical support is seen at the level of $9,704 – $9,645.

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