05.09.201907:42 Forex Analysis & Reviews: Technical analysis of BTC/USD for 05/09/2019

Crypto Industry News:

American investor and co-founder of Morgan Creek Digital Assets, Anthony Pompliano, argued that Satoshi Nakamoto should receive the Nobel Peace Prize for inventing Bitcoin.

"Satoshi should win the Nobel Peace Prize. After all, we have a currency that can take the status of a global reserve without having to engage in violence," Pompliano wrote in a tweet published on September 3.

Pompliano's proposal faces the obvious obstacle of the legendary disappearance of Nakamoto at the end of 2010 - which caused almost as much speculation and keen interest as the cryptocurrency that he, she or they invented on October 31, 2008, with the publication of the Bitcoin White Paper.

Apart from pragmatic considerations, Pompliano's argument is based on the conviction of many avid cryptocurrency supporters that domestic fiat currency is essentially based on violence - their hegemony is based on a history of coercion, centralized control of supply and a monopoly of power.

After the Second World War in the last century, America's rise to the global economic superpower meant that the dollar was transformed into a global reserve currency - both reflecting the priority of the country and as an instrument by which to determine the puncture.

Thanks to the invention of decentralized cryptocurrencies from the last decade - as well as more recent information that technology giants such as Facebook are now trying to opt for the technology that underlies their own creation of their own digital currency networks - traditional monetary policy managers are probably facing unprecedented challenges.

Technical Market Overview:

The BTC/USD pair has made a new marginal local high at the level of $10,773 after the technical resistance at the level of $10,222 has been violated. The market is still developing the local pull-back in the wave (2) and when finished a new higher high should be made with a target at the level of $11,068. The move-up is the biggest in terms of range so far, so it is quite possible that this is the wave (1) of the overall impulsive cycle up. Moreover, it means, the corrective cycle in wave 2 had been completed at the level of $9,231 and now the market resumes the uptrend. This scenario is valid as long as the level of $9,231 is not clearly violated. Anyway, now is time for a correction and the levels for the corrective pull-back are $10,222, $10,164, $9,999 and $9,820.

Weekly Pivot Points:

WR3 - $11,528

WR2 - $11,079

WR1 - $10,223

Weekly Pivot Point - $9,753

WS1 - $8,875

WS2 - $8,358

WS3 - $7,589

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 larger degree WXY correction might have been 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.