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25.06.201907:53 Forex Analysis & Reviews: Technical analysis of BTC/USD for 25/06/2019:

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:

A representative of the Russian Ministry of Finance claims that the Ministry is considering permission to trade cryptocurrencies, according to the Russian information service.

According to the publication, deputy finance minister Alexei Moiseyev told reporters that although the Ministry did not make a final decision, cryptocurrency trading could be allowed in the upcoming project on the circulation of cryptocurrencies in the Russian Federation.

A bill prohibiting the use of cryptographic assets as a means of payment in the Russian Federation was adopted in May last year.

Anatoly Aksakov, head of the Duma Financial Markets Committee, called the pending decision a compromise and noted that the Financial Action Task Force had recommended Russia to adopt a bill regulating the circulation of cryptocurrencies by the end of this year.

Earlier this week, information appeared that the State Duma, the Russian parliament, expects to adopt the largest national cryptographic law "On Digital Financial Assets" (DFA) in the next two weeks.

Moiseev then stated that the Ministry of Finance also approved separate provisions on ICO, which will be part of the Russian Social Financing Act.

Technical Overview:

So far the BTC/USD market is locked in a narrow range located between the levels of $10,3018 - $11,338, but the bulls are trying to rally again as the price is testing the recent high at the level of $11,338. Any breakout through the resistance will open the road towards the level of $11,714 and any breakout below the lower support level will be a signal for a larget corrective cycle to start. Moreover, the trend on the larger timeframe is still up and there are no signs of any trend reversal.

Weekly Pivot Points:

WR3 - $14,368

WR2 - $12,738

WR1 - $12,143

Weekly Pivot - $10,500

WS1 - $9,956

WS2 - $8,295

WS3 - $7,678

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 larget correction is just around the corner, as all the major impulsive waves have been completed.

Exchange Rates 25.06.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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