Technical Analysis of BTC/USD for September 1, 2020

Crypto Industry News:

Carylyne Chan, CoinMarketCap's director of strategy and acting CEO, is leaving a well-known cryptocurrency data site along with two of her colleagues, Jeremy Seow and Spencer Yang.

Chan, who has been with CMC since January 2018, publicly announced her departure on August 31. She took over as interim CEO shortly after Binance's acquisition of CMC in April this year. Seow has been Vice President of Products for CMC since June 2019, the same month that Yang joined as VP Operations, Growth and Revenue.

Chan said she was leaving the company in the hope that the CMC would play a more prominent role in cryptocurrency education. The cornerstone of the strategy she developed for the closest function was "CMC Alexandria", the new CMC education section, which aims to educate newbie's in cryptocurrency.

Chan has outlined her vision of cryptocurrency as a collaborative and community-led "revolution" that still requires considerable efforts before it can break through and "cross the gap" for universal use.

"{In addition to shedding light on the complex inner workings of cryptocurrencies, I believe we need to do a lot more to facilitate the actual use of this technology. We have all known for some time that better user experiences and simplified interfaces and products will be key to accelerating cryptocurrency adoption." Chan said.

In her letter to the CMC community, Chan noted that she personally hired and trained over a quarter of the nearly 50-strong CMC team. In the spring of 2019, CMC launched two cryptocurrency reference indices on the Nasdaq, Bloomberg and Refinitiv (Thomson Reuters) platforms as part of the site's efforts to transfer cryptocurrency asset data to mainstream platforms.

Technical Market Outlook:

The BTC/USD pair keep on rallying towards the next technical resistance seen at the level of $11,855. The recently violated level of $11,765 will now act as a 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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