Technical analysis of BTC/USD for 04.07.2019

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Bitcoin traders in Zimbabwe and South Africa are recording rapidly growing bonuses on their Bitcoins, according to a report from one of the cryptocurrency portals.

Among new capital controls in South Africa and the recent Zimbabwean ban on local foreign trade in fiat, local traders reportedly saw bids reaching $ 50,000 for 1 Bitcoin when trying to buy crypto currencies from abroad.

Meanwhile, other social media commentators this week claimed that Bitcoin is allegedly sold in Zimbabwe for $ 76,000 - a bonus of over 600%. According to the screen shots from the P2P LocalBitcoins.com site on Twitter, some have tried to earn colossal profits thanks to the $ 75-76.000 / Bitcoin rate. This huge margin may be a reality reflecting the course of the black market for the dollar kept in EcoCash, which by the government has just become virtually worthless.

Technical Overview:

The BTC/USD might have completed the full corrective cycle that started at the level of $13,698 and now has broken through the technical resistance at the level of $11,307. The new local high was made at the level of $12,004. 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 04.07.2019