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Forex Analysis:::2019-05-15

Technical analysis of Bitcoin for 15/05/2019:

Crypto Industry News:

South Korean electronics giant Samsung plans to introduce cryptocurrencies and Blockchain functions to more phones from the entire Galaxy family.

Referring to Samsung's press release, Business Korea announced that the company will make its digital portfolio application available even in cheaper models and will expand cryptographic functions for more countries.

The Samsung Blockchain Wallet is currently only available in the recently introduced flagship Samsung Galaxy S10. This model is additionally equipped with Blockchain functions, such as digital signatures and decentralized applications (dapps), which, it seems, can also be added in the entire Galaxy range.

Business Korea announced that Samsung is also conducting talks with telecommunications companies, such as SK Telecom and KT Corporation (formerly Korea Telecom), about the possibility of cooperation on Blockchain-based identity verification tools and other initiatives.

Technical Market Overview:

The BTC/USD pair has made another marginal swing high at the level of $8,155 and it was labeled as the top of the wave 5 of the lower degree and the possible top for the wave 1 of the larger degree as well. It means the maker might start the corrective cycle any time soon, but for now, is only consolidating the recent gains in a narrow range between the levels of $7,617 - $8,155. No bearish divergence between the price and the momentum oscillator has been made yet, so there is no confirmation of the top yet.

Weekly Pivot Points:

WR3 - $9,616

WR2 - $8,405

WR1 - $7,809

Weekly Pivot - $6,737

WS1 - $6.172

WS2 - $5,060

WS3 - $4,504

Trading Recommendations:

The market is moving down after the rally, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. The target is seen at the level of $7,617, but any violation of the technical support at the level of $7,412 will accelerate the sell-off towards the next technical support at the level of $6,821. The larger time frame trend remains bullish, so in the longer term, it is better to have a buy position on Bitcoin and open the sell positions only in the lower time-frames like H1 or H4.

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Sebastian Seliga
Analyst InstaForex
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