empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

17.05.201906:21 Forex Analysis & Reviews: Technical analysis of Bitcoin for 17/05/2019:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crypto Industry News:

The creation of regulations for cryptocurrencies is not a priority for the Russian government, because cryptocurrencies have lost their popularity, the Russian prime minister recently argued. Prime Minister Dmitry Medvedev's comments have been reported by the Russian news agency Fontanka.

According to Medvedev, cryptocurrencies are no longer so interesting to the population, which reduces the need to adopt cryptographic regulations:

"The current popularity of cryptocurrencies has decreased, which makes the problem of regulation no longer so important"- He said.

Speaking at the annual international forum, Medvedev noted that this problem was widely discussed in the previous forum in May 2018, when he called on the government to establish at least some basic cryptographic terms. While the buzz around the Bitcoins has dropped, there is still a chance that the cryptographic markets will come alive, the Prime Minister has reportedly summed up.

This news appeared in the first major growth of crypto markets in 2019, when Bitcoin increased from an average threshold of $ 4,000 to over $ 8,000 in 45 days, starting from April 1.

Technical Market Overview:

The BTC/USD pair has completed the wave 1 at the level of $8,309 and has started the corrective cycle. So fat the first wave of the correction has made a local low at the level of $6,989, but it does not look like the whole corrective cycle is now completed. The nearest target for the bears is seen at the level of $6,821 and the hit of this level should complete the wave A of the correction.

Weekly Pivot Points:

WR3 - $9,616

WR2 - $8,405

WR1 - $7,809

Weekly Pivot - $6,737

WS1 - $6.172

WS2 - $5,060

WS3 - $4,504

Trading Recommendations:

The market is moving down after the rally, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. The target is seen at the level of $6,821. The larger time frame trend remains bullish, so in the longer term, it is better to have a buy position on Bitcoin and open the sell positions only in the lower time-frames like H1 or H4.

Exchange Rates 17.05.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off