Technical Analysis of BTC/USD for July 2, 2020:

Crypto Industry News:

Startup Blockchain Kirobo claims that its technology can prevent the loss of cryptocurrencies caused by human error when sending transactions between Bitcoin wallets, which are usually irreversible.

The Recoverable Transfer feature is to build a new layer on existing Blockchain protocols. Users can then "cancel" the transaction sent to the incorrect cryptocurrency wallet address, the Israeli company said in a press release:

"Our goal is to make Blockchain transactions as simple and secure as online banking," said Asaf Naim, CEO of Kirobo.

The logical layer of the protocol works by providing a unique transaction code that must be entered by the recipient to receive funds from the sender. Until the recipient enters the correct code, the sender can recover the funds at any time. Loss of funds can occur and occurs when the sender makes a mistake in the long string of alphanumeric characters that make up cryptocurrency addresses.

Kirobo quoted a survey that showed that 18% of respondents said they lost funds due to such sending errors. A way to reduce transaction risk can help encourage new cryptocurrency users.

The startup has said that it does not hold or store the user's private keys, and the unique code simply indicates whether the transaction will be finalized. This feature can also work offline in the event of Kirobo servers crashing.

Technical Market Outlook:

The BTC/USD pair has made a new local high at the level of $9,240, but bulls had hit the technical resistance located at the level of 9,238, so the price pulled-back towards the level of $9,138 (previous local technical support). If the intraday support located at the level of $8,971 is clearly violated, the odds for another low are high. The momentum is still weak and negative, but keeps hovering around the level of fifty, which is a neutral level for the momentum indicator. The next target for bears is seen at the level of $8,565, but in a case of an upside breakout, the next target for bulls is seen at the level of $9,290 (technical resistance level).

Weekly Pivot Points:

WR3 - $10,465

WR2 - $10,072

WR1 - $9,509

Weekly Pivot - $9,126

WS1 - $8,593

WS2 - $8,191

WS3 - 7,623

Trading Recommendations:

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 until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

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