31.05.201907:21 Forex Analysis & Reviews: Technical analysis of BTC/USD for 31.05.2019

Crypto Industry News:

Germany is planning to introduce draft legislation authorizing Blockchain bonds this summer, the local business newspaper reported.

Referring to Thomas Heilmann, Blockchain's dedicated coalition correspondent, the publication revealed that the new legislation has already gained momentum, considering the existence of a summary document. According to Heilmann, it is both necessary and beneficial for Germany to take Blockchain to support regulation.

Germany traditionally has a conservative position on both Blockchain and cryptocurrency. The country also shows a cautious approach towards Bitcoins, and in particular to other tokens. This situation has recently begun to change with the increasing awareness of the authorities about evolving trends.

Technical Market Overview:

The BTC/USD pair has completed the five waves impulsive progression to the upside with the recent spike up to the level of $9,070 and this is the top for the wave 5 of the wave (5) of the wave 3 of the higher degree. It means the market has entered the corrective cycle and the first wave down in this cycle has been just made. The next target for bears is the trendline support test around the level of $7,948. The key support is still seen at the level of $7,484.

Weekly Pivot Points:

WR3 - $10467

WR2 - $9524

WR1 - $9190

Weekly Pivot - $8239

WS1 - $7860

WS2 - $6970

WS3 - $6557

Trading Recommendations:

The up cycle has been completed so the best strategy is to close all of the buy orders and take the profits off the table. The market is now developing the correction, so the best strategy now is to stay aside until the correction is completed. Please pay attention to the key support/resistance levels and the price behavior on these levels as well.