empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

05.08.201908:27 Forex Analysis & Reviews: Technical analysis of BTC/USD for 05/08/2019:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crypto Industry News:

From August 2019, Brazilian citizens are required to report their cryptographic transactions to the national tax authority, the Department of Federal Revenue (RFB).

Transactions with cryptocurrencies, such as Bitcoin, must be reported to the RFB in accordance with the rules set out in the 1888 normative manual introduced in May 2019. As reported by the national public agency Agencia Brasil, the new measure applies to individuals, companies and brokerage houses and covers all types of activities related to cryptography, including the purchase and sale of cryptocurrencies, as well as donations, barter, deposits, withdrawals and others.

Entities are to provide monthly reports by the end of each subsequent month if crypto transactions have taken place. According to the rules, local cryptographic exchanges will have to inform RFB about all operations regardless of value. However, those who use foreign exchanges, intermediaries or make peer-to-peer transactions in crypto, will have to report transactions if the monthly amount exceeds 30,000 Brazilian real ($ 7,800).

Penalties range from 1.5% to 3% of the amount of unreported transaction.

Those who do not report on cryptographic transactions will face penalties ranging from 100 to 500 realities in Brazil or from 25 to 130 dollars. According to Agencia Brasil, RFB is also authorized to collect from 1.5% to 3% of the amount of the unpaid transaction as a penalty.

RFB believes that the digital currency market in Brazil has more investors than the second oldest stock exchange in Brazil, B3, which reportedly has around 800,000 customers. The authority intends to combat illegal activities such as money laundering, tax evasion and financing of terrorism.

Technical Market Overview:

The BTC/USD pair has bounced from the level of $9,049 after the corrective cycle in the wave Z of wave 2 had been completed. The bulls have broken above all of the key technical resistance levels located at $10,166 and $11,068 and now are testing the 61% of the Fibonacci retracement of the lase wave down at the level of $11,548. The positive and strong momentum supports the short-term bullish outlook and if the level of $11,548 is violated, then the next target is seen at the level of $11,855.

Weekly Pivot Points:

WR3 - $13,750

WR2 - $12,333

WR1 - $11,817

Weekly Pivot - $10,382

WS1 - $9,882

WS2 - $8,441

WS3 - $7,9485

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.

Exchange Rates 05.08.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2025

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off