Technical analysis of BTC/USD for 10.07.2019

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Bitcoin hash rate has reached today's new highest level in history, according to data from the monitoring of blockchain network resources.

The previous record was beaten in the second half of June when the bitcoin hash rate reached 65.19 TH/s and has grown steadily since then.

Hash rate is the number of calculations that given equipment or network can perform in each second. This is a very important parameter for miners because a higher coefficient will increase their chances of solving a mathematical problem, sealing the block and collecting rewards. A higher network hash rate also increases the number of resources needed to carry out a 51 percent attack, making the network safer.

The period after September 2018 - during the so-called "cryptographic winter" - proved to be a retrograde step for the Bitcoin network. At the time, the network's hash rate decreased for the first time in history.

Technical Market Overview:

The BTCU/USD pair has broken above the technical resistance located at the level of $12,363 and a new local high was made at the level of $13,064. The ABC correction seems to be completed now and the market might be ready for another wave up. The next target is seen at the level of $13,293 and if this level is clearly violated, then the next target for bulls is this year high at the level of $13,698.

Weekly Pivot Points:
WR3 - $14,886
WR2 - $13,428
WR1 - $12,616

Weekly Pivot - $11,119
WS1 - $10,237
WS2 - $8,716
WS3 - $7,123

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 ABC correction might have been completed and the market might be ready for another impulsive wave up.

Technical analysis of BTC/USD for 10.07.2019