Technical Analysis of BTC/USD for August 6, 2020:

Crypto Industry News:

The Russian Federation has banned anonymous contributions to online wallets as part of an action that will affect 10 million users nationwide.

Online wallets through services such as Yandex, WebMoney, PayPal and Kiwi are very popular in Russia. These services support approximately 10 million users who use their accounts anonymously, topping them up with cash. Some people use these anonymous wallets to buy cryptocurrencies, although the exact numbers are unknown.

Economist Antonina Levashenko, quoted by RBK, believes that these measures will not initially affect the Blockchain space. However, as Russia tightens up anti-money laundering procedures, the existing ban may ultimately also apply to virtual currencies.

Maria Stankevich, EXMO's cryptocurrency exchange business development manager, believes the ban could only affect exchanges that do not take compliance seriously and that would have cause a decline in demand for such services.

Technical Market Outlook:

The BTC/USD market sentiment is clearly bullish as the price has broken out from a narrow zone located between the levels of $10,895 - $11,317. The local high was made at the level of $11,738 on increasing momentum, so bulls are showing their strength. The next target for bulls is of course the last yearly high seen at the level of $12,035. The immediate support for the intraday traders are seen at the levels of $11,646, $11,395 and $11, 317. The volatility is now quite subdued, but it might increase again once any important technical level is tested and broken.

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.

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