21.08.201907:54 Forex Analysis & Reviews: Technical analysis of BTC/USD for 21/08/2019:

Crypto Industry News:

Tyler and Cameron Winklevoss - Bitcoin supporters and founders of the Gemini crypto exchange - say they are open to working with their rival Mark Zuckerberg on the Libra case.

The financial media has announced that the twins do not allow their bumpy past with Zuckerberg to stand in the way of potential cooperation. Cameron told in the interview, that regardless of whether the partnership is successful Libra is a step towards the mass adoption of cryptocurrencies.

As the financial media note, the proactive promotion of crypto regulation issues by the twins can make the duo an attractive partner for Facebook, given the widespread alarm that Libra has already caused among governments and regulators around the world.

The twins have revealed that they are talking about joining the Libra Association - a newly created, independent consortium managing the planned Facebook token - which currently has 28 founding members and should increase to 100 by the time Libra is launched.

Tyler and Cameron noticed, however, that they still need to learn more about the details of the project before deciding whether to join the Association and whether to list Libra on the Gemini Stock Exchange. The Libra Association reportedly declined to comment on ongoing negotiations with partners.

Technical Market Overview:

The BTC/USD pair has fallen towards the level of $10,166 again after a failure to rally above 50% Fibonacci retracement. There is still bullish momentum present on the market, but bulls must move the prices higher towards the level of $11,027 in order to control the market. Any violation of this level will be a good signal of a possible further move higher towards the level of 61% retracement at $11,177 and then to technical resistance located at $11,855. The nearest technical support is seen at the levels of $9,912 and $9,676. The larger timeframe trend remains up.

Weekly Pivot Points:

WR3 - $13,461

WR2 - $12,432

WR1 - $11,161

Weekly Pivot - $10,133

WS1 - $9,200

WS2 - $8,268

WS3 - $7,027

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 of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.