31.01.202009:22 Forex Analysis & Reviews: Technical analysis of BTC/USD for 31/01/2020:

Crypto Industry News:

Bittrex has insured digital assets stored in its cold wallet to $ 300 million, which is the highest coverage offered by the cryptocurrency exchange to date.

The company posted an announcement saying it has obtained digital asset insurance that will protect user resources in the event of "external theft and internal collusion."

Bittrex CEO Bill Shihara said a security that has a $ 300 million limit offers "peace of mind" and showed clients that the stock exchange is "committed to prioritizing security in all our decisions and future Blockchain technologies."

The insurance was guaranteed by Arch Syndicate 2012, which provides specialized insurance for corporations. The policy was approved after the stock exchange demonstrated its internal security and compliance protocols, and was supported by other syndicates from Lloyd's of London, one of the largest insurance markets in the world.

The term "external theft" probably means theft by physically hacking into Bittrex cryptocurrency, because cold wallets are generally not vulnerable to hacking attacks. The protection may be similar to Blue Vault Arch, which provides limits up to $ 150 million and includes loss of digital assets due to internal and external theft (through direct access to storage media), and also includes collision of employees.

Technical Market Overview:

The BTC/USD pair has made yet another higher high overnight, this time it was located at the level of $9,510 and bulls are now consolidating the recent gains. The Bearish Engulfing candlestick pattern at the H4 timeframe chart might indicate, that the short-term counter-trend corrective cycle is underway. The level of $9,130 will now act as short-term technical support, together with the level of $8,836. The strong and positive momentum supports the short-term bullish outlook and the next target for bulls is seen at the level of $9,539. There is only a couple of days to complete the month of January and the Bitcoin chart still looks very bullish.

Weekly Pivot Points:

WR3 - $9,339

WR2 - $9,028

WR1 - $8,796

Weekly Pivot - $8,458

WS1 - $8,222

WS2 - $7,890

WS3 - $7,647

Trading Recommendations:

There is a possibility that the wave 2 corrective cycles are completed at the level of $6,345, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.