23.07.201907:57 Forex Analysis & Reviews: Technical analysis of BTC/USD for 23.07.2019

Crypto Industry News:

In a TV interview, Tim Draper, a well-known supporter of Bitcoin, defended both Libra and Bitcoin against the recent pressure from governments, especially in the United States.

Asked if the world is now in the post-Bitcoin environment, he claimed that Bitcoin represents real innovation from the world of cryptocurrencies and will ultimately be a tool that will change the shape of borders, finances and government power: "I think all these other crypts are bridges, to the place in which we have a Bitcoin environment "- he said.

Draper added that the US regulators were too harsh in dealing with innovations regarding Bitcoin, Blockchain and related fields.

Bitcoin trading has become somewhat calmer on Monday after a turbulent week in which significant price fluctuations have been noted in connection with the debate on crypts in Congress.

Draper was criticized last week for Bitcoin's loud support against the government, but this time the government of India. The alleged bill to criminalize the use of cryptocurrencies, which the Indian finance minister seemed to reject, pulled Draper to openly call Delhi 'pathetic and corrupt'.

Technical Market Overview:

The recent top at the BTC/USD pair has been labeled as the top of the wave B and this is the last chance for the bears to regain control of the market because any other bullish rally above the wave B top will invalidate the current Elliott wave scenario. There is a short-term trendline that will act as dynamic support around the level of $10,066 and the market is currently testing this trendline. Any violation below the trendline will be negative for the price and the next target for bears is located at the level of $9,913, $9,826 and $9,621.

Weekly Pivot Points:

WR3 - $13,488

WR2 - $12,221

WR1 - $11,392

Weekly Pivot - $10,218

WS1 - $9,394

WS2 - $8,128

WS3 - $7,356

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.