Technical Analysis of BTC/USD for August 26, 2020

Crypto Industry News:

Japanese Finance Minister Taro Aso has suggested that Blockchain will play a key role in the global fight against the coronavirus pandemic as the technology can be used to track contacts while ensuring privacy.

Aso delivered the opening speeches of the Blockchain Global Governance Conference, also known as FIN / SUM Blockchain & Business, on August 24 in Tokyo.

"In the fight against widespread infectious diseases, Blockchain provides one solution for contact trading" he said, referring to the coronavirus.

There are nearly 24 million COVID-19 cases worldwide, with over 60,000 in Japan. Despite the subject of Aso's speech, a limited number of people could physically participate in the Blockchain conference, while others watched the speakers live.

The Finance Minister admitted that while the threat from the coronavirus has not subsided, Blockchain could provide privacy to anyone who gets a positive through contact tracing. In addition, this technology could give authorities a better measure of what needs to be done to contain the spread, preventing possible future outbreaks.

Technical Market Outlook:

The BTC/USD pair has been trading inside of a descending channel and made a new local low at the level of $11,062. The bulls are trying to bounce from the oversold market conditions as they do not want to lose the $11,000 support. The nearest technical resistance is seen at the level of $11,350 (for intraday traders) and the level of $11,220 will act as a support from now. The key short-term technical support is seen at the level of $11,062. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $13,245

WR2 - $12,828

WR1 - $12,122

Weekly Pivot - $11,728

WS1 - $11,022

WS2 - $10,628

WS3 - $9,978

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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