08.11.201909:17 Forex Analysis & Reviews: Technical analysis of BTC/USD for 08/11/2019

Crypto Industry News:

Russia plans to create legislation allowing the government to achieve the impossible: Bitcoin confiscation.

According to the local information service, citing sources familiar with the case, the Russian Ministry of the Interior will work with various state authorities to develop plans that may enter into force in 2021.

The plan does not distinguish Bitcoin, but instead refers to "digital assets" as a general phenomenon, the main ones being cryptocurrencies:

"The constant upward trend in crimes using virtual resources and the lack of consumer protection in the face of this type of criminal attacks naturally dictate the need to develop mechanisms for legal regulation and control of the exchange of virtual assets," - said Nikita Kulikov, head of the special committee of the Russian Parliament.

The options considered include the creation of a government cryptocurrency portfolio for transferring funds.

Russia has not yet implemented the long-awaited package of cryptocurrency regulations that has experienced many delays. According to various media talks, cryptocurrencies would require legal recognition before the government could justify the legal grounds for confiscation in court proceedings.

However, as with attempts by other countries, the way authorities take control of investor resources remains unclear. Theoretically, cryptocurrencies stored on exchanges may be available if the exchange agrees. In the case of coins stored in wallets for which the investor has private keys, the method of obtaining them is a mystery.

Technical Overview:

The low volatility trading environment on the BTC/USD keeps the pair locked in a narrow range between the levels of $9,539 - 8,836 (marked as thick black lines on the chart), and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925 as the global investors wait for the next breakout.

Weekly Pivot Points:

WR3 - $10,530

WR2 - $10,201

WR1 - $9,572

Weekly Pivot - $9,189

WS1 - $8,589

WS2 - $8,251

WS3 - $7,587

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 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.