Technical analysis of BTC/USD for 03.07.2019

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The head of the Bank for International Settlements (BIS) seemed to change his mind 180 degrees for issuing digital currencies, according to a new press interview.

The head of BIS, Augustin Carstens, actively supported the creation and publication of digital versions of national fiat currencies:

"Many central banks are working on it, we are working on it, supporting it. It may happen that the market will exist earlier than expected and we will have to be able to provide central bank digital currencies," he said.

Comments aroused the curiosity of many people. They only appeared a few months after Carstens strongly advised against issuing such digital currencies. In a speech in March, he mentioned various types of risks for banks considering such behavior, claiming that innovations should not come too fast.

In addition, both BIS and Carstens are strong critics of decentralized cryptocurrencies, such as Bitcoin. Last year, he described Bitcoin as being lacking in the possibility of acting as money and urging young people to "stop trying to create money."

Technical Overview:

The BTC/USD might have completed the full corrective cycle that started at the level of $13,698. The form of the correction is the ABC Irregular Flat and it was completed at the level of $9,670 yesterday. Currently, the market is rallying higher towards the top of the old wave B of the lesser degree and if this level is clearly violated the chances that the correction is terminated are very high. Please notice this is still the uptrend and the current correction is the local correction in the uptrend.

Weekly Pivot Points:
WR3 - $16,315
WR2 - $14,938
WR1 - $12,895

Weekly Pivot - $11,624
WS1 - $9,683
WS2 - $8,320
WS1 - $6,345

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 larget correction is just around the corner, as all the major impulsive waves have been completed.

Technical analysis of BTC/USD for 03.07.2019