Crypto Industry News:
Square and Twitter CEO Jack Dorsey tweeted on Friday that TBD, Square's new open source development platform, plans to build a decentralized bitcoin exchange.
Mike Brock, who has been appointed leader of this initiative, noted that:
"(...) this is the problem we are going to solve: facilitating the financing of an unprotected wallet anywhere in the world with a bitcoin platform. You can think of it as a decentralized fiat exchange."
"We'd like it to be native to Bitcoin, top to bottom," wrote Brock. He also noted that the platform would be "entirely developed in a public, open-source, open protocol" and that any wallet would be able to use it.
Brock noted "cost and scalability gaps" as well as that TBD needed an exchange infrastructure solution between digital assets such as stablecoins.
In July, Dorsey indicated in a series of tweets that Square would launch a new business to make it easier to offer unsupervised decentralized financial services.
Technical Market Outlook
The ETH/USD pair has been seen consolidating around the level of $3,183 all weekend long. The momentum remains neutral as long as the market consolidates. The nearest technical resistance is seen at the levels of $3,274 and $3,337. The key short-term technical support is seen at $3,122 and $3052 (last week lows). On the higher time frame chart than H4, the bulls are having problems with the level of $3,354, which is the 61% Fibonacci retracement of the whole move down.
Weekly Pivot Points:
WR3 - $3,712
WR2 - $3,560
WR1 - $3,379
Weekly Pivot - $3,218
WS1 - $3,063
WS2 - $2,891
WS3 - $2,721
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550,. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
