02.08.201916:49 Forex Analysis & Reviews: BTC 08.02.2019 - Key resistance at the price of $11.000

Crypto Industry News:

Busan has been declared a "regulation-free" zone for blockchain development by South Korea's national government, a move long expected but now formalized as part of a larger liberalization push.

Zug, Switzerland is said to be one of the models for the zone.

The Ministry of SMEs and Startups announced on July 24 that the second largest city in the country by population will host a wide range of blockchain offerings related to finance, public safety and tourism, though it stopped short of fully opening the market and allowing for international-level crypto initiatives, according to the Korea Herald.

Technical Market Overview:

The BTCU/USD is still trading near the very Important resistance at the price of $10.800-$11.000. In my opinion, this zone will be critical for further movement on BTC. Possible test and reject may lead us to support at $9.050. From other side, if you see the strong breakout of the $11.000 level, there is a chance for test of $12.000-$13.000

Important resistance levels to watch:

$10,800

$11.000

Important support levels to watch:

$10.500

$10.100

Trading Recommendations:

The best strategy in the current market conditions is to watch how the price will react near the critical resistance zone and act according to reaction. In case of the test-reject, you should watch for selling opportunities but in case of the up-break, buying opportunities will be preferable.