Technical analysis of Bitcoin for 24/04/2019

Crypto Industry News:

The second largest stock exchange in the world, Nasdaq, allegedly tests the trade of a Bitcoin-based product, according to an analyst from the strong market analytics service.

Cryptopolis, a quantitative analyst at Strong Market, wrote on Twitter that he bought one Bitcoin on Monday through an account at a retail brokerage firm TD Ameritrade (NASDAQ: AMTD). Cryptopolis suggested that Bitcoin was exchangeable on the US dollar platform under the unknown symbol "CXERX", which is allegedly listed on Nasdaq. The analyst added that on the basis of the platform chart, the BTC / USD trading pair was launched on 10 April 2019. After his discoveries, Cryptopolis reached for TD Ameritrade support for further information. Support, however, refused to comment on this matter.

Although the analyst came to the conclusion that this was not a real exchange on his account, he still claimed that Nasdaq is silently testing a new resource based on Bitcoins, which is only available through the Paper Trading platform.

At the end of 2018, Nasdaq reportedly confirmed plans to launch Bitcoin futures contracts in the first half of 2019. In February 2019, Nasdaq began listing two cryptocurrency price indices from the American company Blockvein and cryptographic data Brave New Coin, including Bitcoin Liquid Index and Ethereum Liquid index.

Technical Market Overview:

The BTC/USD pair has bounced from the level of $5,500 which is now important technical support for the price. The new local high was made at the level of $5,665 and the impulsive wave up is still unfolding as this is not the end of this impulsive wave. The target is seen around the level of $6,000 for wave 5.

Weekly Pivot Points:

WR3 - 5,847

WR2 - 5,603

WR1 - 5,428

Weekly Pivot - 5,161

WS1 - 4,996

WS2 - 4,735

WS3 - 4,564

Trading recommendations:

Daytraders should keep the open buy orders until the target at the level of 6,000 is hit. There will be a possibility to partially take out the part of the profits at the level of 5,728 as this is strong technical resistance.

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The material has been provided by InstaForex Company - www.instaforex.com

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