Technical analysis of BTC/USD for 27/11/2019:

Technical analysis of BTC/USD for 27/11/2019:

Crypto Industry News:

The three Red Cross national units – the largest donor of humanitarian aid after the United Nations – support a currency program based on Blockchain technology, aimed at increasing aid delivery and boosting local economies. According to press publications, the Red Cross associations in Norway, Denmark and Kenya have launched a two-year plan to replace the supply of cash and coupons as part of assistance and development efforts with local currency based on Blockchain. As noted in the publication, the Red Cross is currently giving away $ 1 billion a year for cash and coupons that are intended to help in case of disasters or to stimulate local economies. It has been found that the new Blockchain program, which has already been tested in some regions of Kenya and Ethiopia, improves trade in poor communities, enabling local users to earn loans created from work, sales or assistance and spend them through the mobile application underlying transactions recorded on Blockchain. A representative of the Danish Red Cross said the system has similarities to the successful M-Pesa mobile money transfer system in Kenya but does not require users to own the national currency fiat. The system will be extended to all of Kenya, and in the future, it can be implemented in Malawi, Myanmar, Zimbabwe, Cameroon and Papua New Guinea, with a target of 320,000 users in two years. Paula Gil, a humanitarian consultant in Geneva, said she believes Blockchain technology will revolutionize the delivery of aid and represent the future of the sector. Grassroots Economics founder Will Ruddick pointed to the low costs needed to run the program, about $ 40,000 a year needed for servers and support in Kenya, as well as an initial $ 1 million for initial funding from Norway and other entities.

Technical Market Overview:

The BTC/USD pair has been consolidation over the past 24h in a narrow range between the levels of $6,986 – $7,234. The market continues the move lower after the corrective cycle is completed. There is no sign of any reversal yet. The nearest technical resistance is seen at the level of $7,234 and the next target for bears is seen at the level of $6,345 and $6,000.

Weekly Pivot Points:

WR3 – $9,581

WR2 – $9,033

WR1 – $7,830

Weekly Pivot – $7,282

WS1 – $6,055

WS2 – $5,531

WS3 – $4,254

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. 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.

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