Technical Analysis of BTC/USD for September 2, 2020

Crypto Industry News:

Three of the "big four" Australian banks are forming a new organization called Lygon to digitize bank guarantees using blockchain technology. Bank guarantees are a formal contract between a debtor and a financial institution. It assures the debtor and the lender that the debt will be paid on time under all circumstances.

Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and Westpac Banking Corporation, along with two other shareholders - Australian shopping malls company Scentre Group and technology behemoth IBM - form the company after a successful pilot last year.

The last of Australia's four largest banks, National Australia Bank, also tested the technology last year, but pulled out of the project in the wake of the ongoing coronavirus pandemic, Financial Review reports on September 1.

Lygon's main goal is to digitize commercial rental guarantees to save commercial owners the time and costs associated with operational processes, while at the same time providing security for small businesses in the short term, said Lygon CEO Nigel Dobson.

Bank guarantees today are entirely paper-based and can take several weeks to prepare and deliver. Five Lygon backers intend to use IBM Hyperledger technology to digitize bank guarantees and make issuing them a one-day process. The company is expected to start operating in September.

Technical Market Outlook:

The BTC/USD pair has been capped at the technical resistance seen at the level of $12,004, but the short-term up trend should continue. The recently violated level of $11,785 will now act as an intraday technical support for the price. The momentum is strong and positive, so the bulls are now in control of the market. The key supply zone is still located between the levels of $12,269 - $13,429 and only a clear breakout through this zone will be seen at an end of the corrective cycle. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $12,658

WR2 - $12,221

WR1 - $11,935

Weekly Pivot - $11,435

WS1 - $11,232

WS2 - $10,778

WS3 - $10,510

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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