Technical Analysis of BTC/USD for August 21, 2020

Crypto Industry News:

Due to the turmoil in the global aviation industry caused by the pandemic, the new Bulgarian start-up gives travelers the opportunity to receive compensation in Bitcoin.

Compensation via the Colibra app is available for passengers who experienced a flight delay of one hour or more. Since its launch in June 2019, the Bulgarian start-up has been offering travelers cash compensation, and has now added the opportunity to receive money in cryptocurrencies.

Since BTC is a volatile asset, users can choose whether they want to lock in the price on the day they buy the ticket or the day they travel. For example, a person who flies frequently and booked a flight last week, with a $ 11,000 locked-in, would get a decent return on a delayed flight today when BTC is above $ 12,000.

Colibra states that it will guarantee a BTC payment to any user whose flight is delayed by one hour or more, no matter what the airline gives.

In the EU, airlines are required to compensate each passenger for delays of three hours or more due to the company's fault. The application works by submitting a claim for compensation for all eligible passengers with a flight delay of 3 hours or more and those with a delay of more than one hour. According to data published by the company, the likelihood of an airline delaying 90 minutes is 30 times more likely than a three-hour delay, and travelers are therefore compensated much more frequently.

In France, the insurance company AXA has implemented a similar blockchain-based compensation process for passengers whose flights are delayed by more than two hours.

Today, however, there are far fewer airplane passengers than last year, due to airlines and authorities trying to slow the spread of the coronavirus. Global travel data provider OAG says the number of scheduled flights on August 10 fell by 47.9% globally, with the number of flights from Hong Kong and Singapore falling by as much as 91%.

Technical Market Outlook:

Yet again the technical support located at the level of $11,646 has stopped the bearish pressure and the price bounced towards the technical resistance seen at the level of $11,855. Currently, the market is trading inside of a tight horizontal range between the levels of $11,855 - $11, 646, but any clear violation of $11,646 will result in sell-off acceleration towards the next technical support seen at the level of $11,220. On the other hand, the next target for bulls is seen at the level of $12,004 - $12,035 zone. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $13,201

WR2 - $12,569

WR1 - $12,222

Weekly Pivot - $11,635

WS1 - $11,298

WS2 - $10,689

WS3 - $10,325

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.

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The material has been provided by InstaForex Company - www.instaforex.com