Technical Analysis of BTC/USD for August 19, 2021

Crypto Industry News:

Mikhail Fedorov, Ukraine's deputy prime minister and head of the national Ministry of Digital Transformation, revealed a possible case of early use of the planned digital currency of the central bank (CBDC).

In a recent interview published by the Ukrainian media TSN, the minister revealed the ministry's considerations to test CBDC using it in the payment of workers' salaries:

"Honestly, as one of the first pilot projects, we have the issue of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia," he said.

Fedorov made these remarks arguing that the first launch of the e-hryvnia focused on a small, controlled use case and not on implementation into social payments. According to Fedorov, there is a need to test CBDC to prevent misuse, hence his call to pay staff salaries as a viable pilot program for the national digital currency.

The National Bank of Ukraine has been working on creating and issuing digital currency for several years. The Ministry of Digital Transformation is also significantly involved in the CBDC space, working with the Stellar Development Foundation to develop a common strategy for CBDC and digital assets in general.

Technical Market Outlook:

The BTC/USD pair has made a new local low at the level of $43,888 as the bears are now testing the lower channel line. Please keep an eye on the level of $43,686 because any violation would be negative for bulls and could deepen the correction towards the level of $43,159 - $41,794. The immediate technical resistance is seen at the level of $45,043 and $45,710.

Weekly Pivot Points:

WR3 - $54,673

WR2 - $51,130

WR1 - $49,247

Weekly Pivot - $46,037

WS1 - $43,891

WS2 - $45,515

WS3 - $38,510

Trading Outlook:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $47,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).


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