04.11.201909:04 Forex Analysis & Reviews: Technical analysis of BTC/USD for 04/11/2019

Crypto Industry News:

Following the recent imposition of limits on purchases in US dollars, the Central Bank of Argentina (BCA) announced that citizens are forbidden to use credit cards to buy Bitcoins or other cryptocurrencies.

The messages were published in a communication covering several industries in which the use of credit cards has been restricted or banned. The section about cryptocurrency reads:

"Purchasing Bitcoin and cryptocurrencies: It is forbidden to buy BTC using this payment method. The only remaining alternative to this investment is to do it with money transferred from a bank account."

It is unclear whether the rules apply only to credit cards or whether they include debit and prepaid cards.

BCA claims that these measures are key to maintaining the country's foreign reserves. According to experts, the central bank intends to block the entry of dollars into the country, trying to have stronger control.

This is due to BCA's move earlier this week, where the amount of US dollars that Argentine citizens could buy every month was limited. The maximum amount has been reduced from $ 10,000 to just $ 200.

Technical Overview:

The BTC/USD pair technical picture did not change too much during the weekend as the lack of volatility is making the market to move sideways. The price is locked in a narrow range between the levels of $9,046 - $9,263 and the momentum is neutral on the H4 timeframe chart. The zone from $9,645 to $10,278 is still a sell zone, where most of the sell orders have entered the market. The immediate support is seen at the level of $8,925.

Weekly Pivot Points:

WR3 - $10,530

WR2 - $10,201

WR1 - $9,572

Weekly Pivot - $9,189

WS1 - $8,589

WS2 - $8,251

WS3 - $7,587

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 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.