Technical Analysis of BTC/USD for August 13, 2020:

Crypto Industry News:

The New York State Department of Financial Services has published a green list of 8 virtual currencies approved for sale and trading and 10 approved for safekeeping by licensed entities.

According to an update published on the New York Department of Financial Services (NYDFS) website, state regulators have approved 8 cryptocurrencies for listing and trading. These tokens include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Binance USD, Gemini Dollar, Pax Gold, and Paxos Standard Token. NYDFS has also given the green light to the same coins for storage, plus XRP and Ethereum Classic.

"Any entity licensed by the DFS to do virtual currency business in New York may use the Green List coins for an approved purpose," the NYDFS said.

However, he explained that any licensed company must inform the regulatory authority before using any token on the green list.

The announcement also stated that NYDFS has the right to remove any token from the green list at any time, limit the activity of any coin, and remove the list entirely.

Technical Market Outlook:

The BTC/USD pair has stopped the rally at the level of $11,645 after the Bearish Engulfing candlestick pattern was made at the H4 time frame chart. The momentums has decreased and now is seen below the fifty level again, so the odds for the pull-back are high. The nearest technical support is seen at the level of $11,395 and $11,317. The key short-term support is still located at the level of $10,940 - $10,890, so for now all the price action is being considered as sideway trend that might turn into a correction. The weekly time frame trend is still up and in a case of a breakout above the level of $12,035, the next target for bulls is seen at the level of $12,269.

Weekly Pivot Points:

WR3 - $12,981

WR2 - $12,405

WR1 - $12,075

Weekly Pivot - $11,487

WS1 - $11,099

WS2 - $10,537

WS3 - $10,124

Trading Recommendations:

Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next key target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.


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