Crypto Industry News:
US banking giant JPMorgan Chase has reportedly blocked all activity on the accounts of Compass Mining, a Delaware-based Bitcoin mining company. The information came to light when Compass Mining CEO Whit Gibbs announced:
"Greetings to Chase for closing Compass Mining accounts for contributing to the replacement of the old guard with sovereign, future-focused hard currency supporters. Stand up for #Bitcoin or get out of our way."
Compass Mining has been committed to offering mining platforms and Bitcoin mining hardware hosting services. Relying on the support of hash rate and the Bitcoin network, the company enables individual users to undertake mining operations through its private infrastructure.
JPMorgan has previously shown support for the cryptocurrency ecosystem - from searching for Blockchain talent to giving wealthy investors access to crypto funds.
On August 6, in an effort to offer clients exposure to cryptocurrencies, JPMorgan allowed access to six crypto funds over a three-week period. This move gave traditional investors exposure to the Stone Ridge Bitcoin strategic fund, which intended to develop a strategy around Bitcoin futures and combine Bitcoin's direct and indirect investments.
Last month, Mary Callahan Erdoes, director of asset and wealth management at JPMorgan, highlighted the importance of meeting the demand for crypto investments.
Technical Market Outlook:
The BTC/USD pair has resumed the up move after the local low was made at the level of $43,864. The bulls had bounced from the lower channel line and are heading towards the local high seen at $48,069. The strong and positive momentum supports the short-term bullish outlook for BTC. The nearest technical support is located at $46,719.
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).
