Technical Analysis of BTC/USD for 14/04/2020:

Crypto Industry News:

A team of researchers from the University of Cape Town in South Africa is developing a blockchain-based application to allow users to verify their COVID-19 status. The Covi-ID platform is under testing, but it will ultimately be the solution to coronavirus pandemic issues. Its premiere is scheduled for April 21.

Covi-ID is intended to control infected patients. The application is also intended to reward users for correct behavior during quarantine or when using other pandemic restrictions, such as staying at home. Covi-ID is built on the blockchain-based Sovrin platform.

The African project is not the first of its kind in the world. Earlier, similar platforms to track users during pandemics were introduced by China and Singapore, while similar applications are also being developed in Europe. However, Covi-ID will differ in approach to privacy, using SSI and blockchain technology.

Potential users have two ways to create a Covi-ID account. The first option is the deposit portfolio provided by one of the commercial partner companies, including local South African banks as well as government and health institutions. The second option is completely independent confirmation of identity, developed by Covi-ID, which will store all user data on the phone. Both solutions are to be safe for them.

However, social conditions in Africa should be taken into account. A large proportion of residents do not have access to a smartphone, which means that such users can create a trust account with one of the app's trading partners. Users' data will be stored by partners in fiduciary wallets, in a way that crypto exchanges store user's currency resources.

If application users start to have coronavirus symptoms, they can go to a test center or a doctor. After confirming the test results, this information will be registered on your Covi-ID account. When he recovers from COVID-19 or receives a vaccine, he will be informed by the application by means of a green status that he is not a threat to himself or others.

Technical Market Outlook:

The BTC/USD pair has hit the level of $6,514 during the last wave down, but has managed to retrace 50% of the move down already. Bitcoin is trading around the level of $6,800 currently, but the market conditions do not favor the bulls. The technical resistance zone located between the levels of $6,795 - $6,908 is now the key short-term zone for both bulls and bears, so only a clear breakout of one of the levels will give the market participants the direction. The larger time frame trend remains down.

Weekly Pivot Points:

WR3 - $8,127

WR2 - $7,746

WR1 - $7,416

Weekly Pivot - $7,017

WS1 - $6,690

WS2 - $6,300

WS3 - $5,960

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.


The material has been provided by InstaForex Company -