Crypto Industry News:
Kraken, one of the largest and oldest Bitcoin exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining the SEN, the US cryptocurrency market enables its clients to deposit and withdraw US dollars from Silvergate accounts without charge, the company announced.
According to the announcement, the deposit process will vary depending on whether Kraken users have a Silvergate account. If they have a Silvergate account, Kraken users will simply need to enable SEN funding on their Kraken account before using this option. Those who do not have a Silvergate account will need to submit a separate application to the bank.
Silvergate Capital is a commercial bank based in California that focuses on businesses with digital currencies. SEN Silvergate is a network of cryptographic exchanges and investors that enables transactions in US dollars between network members.
Silvergate's clients include crypto exchanges, miners and trustees. A cryptocurrency friendly bank increased the number of customers using digital currencies from 655 from June 30, 2019 to 756 on September 30, 2019.
In August 2019, the SEN added another important partner, the Gemini Stock Exchange, founded by the Winklevoss brothers, thus enabling faster transfers in US dollars. Earlier this month, Silvergate Bank introduced its shares to trading on the New York Stock Exchange under the symbol NYSE: SI.
Technical Market Overview:
Since the new local high on the BTC/USD was made at the level of $7,616 which is above the key technical resistance located at the level of $7,234, the market has entered a sideways trading phase. The range has been established between the levels of $7,313 - $7,616. Please notice, the move up is in three waves only, so it is a typical corrective wave to the upside which should be only a local correction. When the correction is completed, the market will resume the downtrend.
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.