Technical Analysis of BTC/USD for September 4, 2020

Crypto Industry News:

Blockchain for Europe, the main European association advocating sustainable blockchain regulation, has welcomed the world's largest cryptocurrency exchange by daily trading volume, Binance. Entering the group, the exchange follows major industry companies such as Ripple, developer EOS Block.one, Fetch.ai, and Blockseed Ventures. In addition to welcoming a new member of the association, Blockchain for Europe has appointed the head of Binance UK operations, Teana Baker-Taylor, as its new CEO.

Founded in late 2018, Blockchain for Europe is a major blockchain association in Europe with the goal of promoting education and proactive blockchain regulation across the continent. Initially, the association consisted of four member companies, including Ripple, the NEM Foundation, Fetch.AI, a smart ledger development company, and a Cardano-related start-up, Emurgo.

According to the latest announcements from Blockchain for Europe, the association is currently focusing on responding to the European Union's action plan to combat money laundering, public consultation and the Services Digital Act on smart contracts. The group is also participating in the ongoing discussions on the proposed EU market framework for crypto asset consultation conducted in December 2019.

Technical Market Outlook:

The BTC/USD pair has hit the level of $10,000 during the dynamic sell-off again ( the low was made at the level of $9,931) and keeps hovering around this level. The immediate bounce was rather shallow as the price was capped at the level of $10,248, which is a local technical resistance. The other intraday important levels are $10,343 and $10,430. Please notice, the momentum indicator is very weak and negative, so are the market conditions and this situation favors some kind of rebound.

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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