Crypto Industry News:
A study by the Association of Forex Dealers (AFD) found that most Russians now prefer to invest in digital assets. The survey results clearly show that options such as fiat currencies and gold have fallen out of favor with Russian investors. Even people who have never traded cryptocurrencies before have admitted that they are now serious about buying them.
The survey was conducted from August 4 to August 24 on a sample of 502 respondents. Over 90% of them were men aged 25 to 44. The sentiment of the research participants towards cryptocurrencies turned out to be very positive. The vast majority believe that cryptocurrency prices will continue to rise. 8% of respondents said that digital assets will replace cash at some point.
Technical Market Outlook
The BTC/USD pair has made a new swing high at the level of $51,914 (at the time of writing the article), which means the 61% Fibonacci retracmeent of the whole down wave from $64,789 to $29,220 had been broken. The next target for bulls is seen at $59,506, but the market conditions remains extremely overbought. The nearest technical support is seen at $50,456, but the intraday support is seen at $51,457. The short-term outlook remains bullish and there is no up trend reversal indication on the higher time frame chart yet.
Weekly Pivot Points:
WR3 - $59,047
WR2 - $55,505
WR1 - $54,221
Weekly Pivot - $49,999
WS1 - $48,690
WS2 - $44,656
WS3 - $43,452
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 $59,506. 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).
