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Technical Analysis of BTC/USD for August 5, 2020:

Crypto Industry Outlook:

Among the uptrend in the cryptocurrency markets, Bitcoin's market capitalization has surpassed some large publicly traded companies such as Intel and Coca-Cola.

In the wake of the market boom in late July 2020, Bitcoin's market capitalization increased significantly, exceeding the $ 200 billion threshold. The market capitalization of the largest cryptocurrency is currently over $ 211 billion.

Consequently, Bitcoin is currently worth more than the stocks of the world's largest companies such as Intel and Coca-Cola in terms of market capitalization. On July 31, Intel and Coca-Cola shares hit market capitalization of $ 203 billion and $ 202 billion, respectively, according to Macro Trends.

Intel has experienced a significant drop in market share in recent days. After the company released disappointing third-quarter earnings forecasts on July 22, the company's market capitalization fell below $ 259bn and then lost as much as $ 45bn by July 24, Macro Trends said.

Faced with uncertainty caused by the coronavirus, the Coca-Cola beverage giant suffered a major sell-off earlier this year. In March 2020, Coca-Cola lost more than $ 90 billion in market capitalization in a month as a result of a global pandemic. The decline ultimately led to the largest decline in the company's quarterly revenue in at least 30 years. In contrast, Bitcoin has seen multiple gains this year of over $ 80 billion, or around 40%, in market capitalization from January 1, 2020.

Technical Market Outlook:

The BTC/USD market sentiment is clearly bullish, but currently, the price 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. The volatility is now subdued, but it might increase again once any important technical level is tested and broken. Please notice the neutral momentum that support the sideways view for the market for some time.

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 -