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Technical Analysis of BTC/USD for August 4, 2020:

Crypto Industry Outlook:

Americans are relinquishing the safety of the dollar in favor of more speculative assets like stocks, gold, and Bitcoin.

Due to the COVID-19 situation, the personal savings rate in the US is at a historically high level. The profitability offered by financial institutions on savings accounts, however, is close to zero. Meanwhile, assets such as Bitcoin, stocks and gold have posted double-digit gains since March. This makes them an attractive option for investors.

Financial journalists report a 28-year-old Californian who told a reporter that he intends to convert his $ 15,000 savings into a high-yield savings account at one of the commercial banks to Bitcoin. He says he is doing this as he expects a long-term economic stagnation. Of course, there are many more such people in the USA.

The reality is even worse. It's no secret that the dollar is depreciating rapidly against other major fiat currencies. In fact, July is the worst month for the dollar in a decade, according to the financial media.

With the next stage of tightening that seems inevitable and most countries still suffering from severe restrictions due to COVID-19, it is possible that this problem will only get worse. Americans may possibly have a more depreciating decree in the short term and may seek to turn their resources into more profitable assets. However, there is no such thing as a "free lunch". In the investment world, high return comes with high risk.

Technical Market Outlook:

The Flash Crash is now a history and the level of $12,035 is the new yearly ATH on BTC/USD pair. The market sentiment is clearly bullish. Currently, the market trades around the level of $11,000 in a narrow zone located between the levels of $10,895 - $11,317. Any violation of either of those levels will indicated a possible direction for the nearest future. Please notice the neutral momentum that support the sideways view for the market during the next 24 hours.

Weekly Pivot Points:

WR3 - $14,325

WR2 - $13,003

WR1 - $12,116

Weekly Pivot - $10,976

WS1 - $9,784

WS2 - $8,681

WS3 - $7,717

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 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.


The material has been provided by InstaForex Company -