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FX.co ★ Technical Analysis of BTC/USD for August 12, 2020:

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Crypto Analysis:::2020-08-12T06:34:50

Technical Analysis of BTC/USD for August 12, 2020:

Crypto Industry News:

The financial regulator in Russia is developing a new cryptocurrency analysis tool to track major cryptocurrencies such as Bitcoin and privacy-oriented coins.

Russia's Federal Financial Monitoring Service, the federal anti-money laundering and terrorist financing service, is reportedly planning to build a new analytical platform to track cryptocurrency transactions using artificial intelligence.

The new system, dubbed "Transparent Blockchain," is designed to track the movement of digital financial assets and identify cryptographic service providers to combat illegal digital asset activity, local news agency RBC reported.

According to the report, the new system is able to "partially reduce the anonymity" of transactions involving major coins such as Bitcoin, Ethereum, Omni, as well as privacy-focused cryptocurrencies such as Dash and Monero.

The Financial Supervisory Authority successfully piloted a prototype system to combat drug trafficking. The system was developed in cooperation with a large Russian research institute, the Institute of Physics. Lebedev of the Russian Academy of Sciences, the report reads.

The project has reportedly been financed from extra-budgetary funds so far, but would require additional funding. According to preliminary data, the Russian "Transparent Blockchain" will require approximately 760 million rubles ($ 10.3 million) from the federal budget from 2021 to 2023. The target customers of the new platform are reportedly expected to include large financial institutions such as the Russian central bank.

Technical Market Outlook:

The BTC/USD pair has broken below the short-term trend line and made a new local low seen at the level of $11,063. The momentums has decreased and now is seen below the fifty level. The key short-term support is still located at the level of $10,940 - $10,890, so for now all the price action is being considered as sideway trend that might turn into a correction. The weekly time frame trend is still up and in a case of a breakout above the level of $12,035, the next target for bulls is seen at the level of $12,269.

Weekly Pivot Points:

WR3 - $12,981

WR2 - $12,405

WR1 - $12,075

Weekly Pivot - $11,487

WS1 - $11,099

WS2 - $10,537

WS3 - $10,124

Trading Recommendations:

Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next key target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.

Technical Analysis of BTC/USD for August 12, 2020:

Analyst InstaForex
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