11.12.201908:04 Forex Analysis & Reviews: Technical analysis of BTC/USD for 11/12/2019:

Crypto Industry News:

The degree of adaptation of Blockchain technology in China continues to amaze, given that the Bank of China has reportedly issued $ 2.8 billion in special Blockchain-based financial bonds for small and micro-enterprises.

According to the publication of the local Sina Finance information point, the funds are specifically used to provide loans to Chinese small and micro enterprises to support their further development in the economy.

By the end of September, Bank of China had spent around $ 57.7 billion on 410,000 small and micro-business customers, a 35% increase over the previous year. By comparison, micro-enterprises generally have less than 10 employees, while small businesses have up to 50 employees.

The news comes as the Chinese government attaches increasing importance to the digital economy. At the beginning of December, Forkast Insights, the research arm of the Asian company Forkast, thoroughly and comprehensively looked at the integration of Blockchain technology in China.

The report indicates that Blockchain technology is rapidly developing in China and has a multitude of "practical real-world use cases that go far beyond the experimental stage." In November, reports appeared that the development of the Chinese Blockchain sector would bring a total annual growth rate of 65.7% from 2018 to 2023. And that the technology would exceed $ 2 billion by the end of 2023.

Technical Market Overview:

The BTC/USD pair is still under pressure from the bears as it has been trading in a narrow range located between the levels of $7,210 - $7,090. The bears are now back to the level of 50% Fibonacci retracement locatee at $7,133 and are testing it again. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,700 again and it was retraced in 100%. Currently, the market participants wait for a clear breakout in either direction and it more looks like the direction to the south.

Weekly Pivot Points:

WR3 - $8,491

WR2 - $8,082

WR1 - $7,829

Weekly Pivot - $7,397

WS1 - $7,107

WS2 - $6,723

WS3 - $6,444

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.