Technical analysis of BTC/USD for 24.07.2019

Crypto Industry News:

While Facebook is trying to agree on its Libra cryptographic project, a wave of fake Libra accounts appeared on the Internet, including Facebook. According to the Washington Post report, nearly a dozen bogus Libra sites circulate on Facebook and its applications for sharing social media photos Instagram, impersonating the official entities for the digital currency in question. As stated in the report, a number of fake Facebook and Instagram accounts were removed on July 22 after the Washington Post reported them to Facebook. Elka Looks, Communication Manager at Calibra, reportedly found that Facebook removes ads and websites that violate their policies as soon as they learn about them. Some fake Libra ads offered to take part in the pre-sale of Libra coins, which had not yet been introduced, at a discount, while many others contained the Facebook logo, photos of CEO Mark Zuckerberg or the official marketing materials of Libra. One of the clear examples of counterfeit Libra is the website Buylibracoins.com, which copies the Libra logo from the official Libra.org website and offers users the opportunity to set up an account and invest in Libra with major cryptocurrencies, such as Bitcoin. While the Instagram website has allegedly been removed, the site is still available.

Technical Market Overview:

The recent top at the BTC/USD pair has been labeled as the top of the wave B and this is the last chance for the bears to regain control of the market because any other bullish rally above the wave B top will invalidate the current Elliott wave scenario. The short-term trendline has been clearly violated and tested from the below immediately, but the bulls were not strong enough to break through it. The next target is seen at the level of $9,070.

Weekly Pivot Points:

WR3 – $13,488

WR2 – $12,221

WR1 – $11,392

Weekly Pivot – $10,218

WS1 – $9,394

WS2 – $8,128

WS3 – $7,356

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. 

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